UK's Brexit Deal to Cost Almost $100 Billion

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A respected British think tank slammed Prime Minister Boris Johnson’s Brexit deal on Wednesday, concluding that the economy would be 3.5% smaller compared with staying in the European Union.

The study by the National Institute of Economic and Social Research says the agreement would deliver a 70 billion-pound ($90 billion) blow to the U.K. Researchers said that the outlook is clouded by political and economic uncertainty.

“We would not expect economic activity to be boosted by the approval of the government’s proposed Brexit deal,” the group said.

The researchers based their prediction on the assumption that the U.K. would leave the bloc with a free trade agreement with the EU after a transition lasting until 2021 while negotiating new deals with other nations. It said that higher “barriers to goods and services, trade and restrictions to migration,” would force the economy to slow.