The writer is a former UK Lord Chancellor
For some weeks, restless Conservative MPs have been asking the UK government to produce a cost-benefit analysis of the economic consequences of its Covid-19 restrictions. There has been less interest from my former colleagues in seeing analysis of another matter that will have a big impact on our economic prospects — the nature of our relationship with the EU, when the transitional arrangements come to an end on December 31.
Fortunately, the independent Office for Budget Responsibility — unsolicited by Conservative MPs or, we can assume, the government — has done this work. Its analysis should be a sobering read for anyone who cares about the UK’s future prosperity.
In March, the OBR set out its analysis of the government’s stated Brexit objective, which amounts to a very thin deal that will erect significant barriers with our most important trading partner. Reducing our ability to trade has real consequences for…