‘Teeny’ benefits of proposed Pacific trade deal dwarfed by hit from Brexit Andrew Woodcock © AFP/Getty BRITAIN-AUSTRALIA-TRADE-DIPLOMACY
A new Pacific partnership hailed by Boris Johnson as a key to post-Brexit prosperity has been branded “a drop in the ocean” after official figures showed the government expects it to increase GDP by just 0.08 per cent - less than one-fortieth of the expected economic hit from leaving the European Union.
And Labour warned that the benefit could slump to just 0.017 per cent (£400m) if Malaysia continues to hold out against ratification of the deal, according to figures from the Department for International Trade.
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