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The economic boost of at least £92bn via the UK’s renewed EU membership would vastly eclipse gains from the new trans-Pacific free trade agreement, campaigners are highlighting.
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It comes as the UK officially became a member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Other members of CPTPP are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
The agreement is expected to deliver around £2 billion a year to the UK economy in the long run, according to the UK government.
Naomi Smith, Chief Executive of Best for Britain, said:
“Independent modelling by Frontier Economics found there’s at least £92bn on offer from UK membership of the EU which makes the value to Britain’s coffers from the CPTPP deal look like a rounding error.
“Burnham should take a leaf out of Carney’s book: while Canada has decided closeness to the EU is a strategic asset, the UK is busy pretending other deals will make up the losses.”