The UK contribution to the EU budget is a lot smaller than you would think, thanks to a rebate secured under Margaret Thatcher’s premiership. It pays 0.6% of its GDP into the EU budget while France, a similarly-sized economy, contributes 1% of its GDP. So the UK actually has a fairly sweet deal. If the UK ends up reverting back to a WTO agreement – through no deal – there are likely to be crippling tariffs on a host of day-to-day products. So no deal really should not be an option.
April LaRusse - Insight, a BNY Mellon company
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