Yahoo Finance Brexit news - live: Australia trade deal of ‘minimal benefit to UK’ as Johnson agrees to meet angry Hoyle
Trade experts have said the UK’s trade deal with Australia will only deliver minimal economic benefit to the UK economy.
The GDP boost created by the pact would likely be closer to zero than the government’s 0.02 per cent estimate, according to David Henig, UK director of European Centre For International Political Economy.
Joe Spencer, partner at accountancy firm MHA MacIntyre Hudson, also called the agreement “unfavourable”. “UK farmers are increasingly being asked to offer protection for the environment, while the government is withdrawing support to them at the same time,” he said.
Such criticism comes after Boris Johnson said the UK and Australia’s post-Brexit trade deal shows “global Britain at its best”, while promising it would benefit both British farmers and consumers.
As part of the first agreement negotiated from scratch since London left the EU, Britons under 35 will be able to work more easily in Australia, while British cars and Scottish whisky can be sold there more cheaply.
Amid worries that British farmers will be undercut by Australian meat exports, the government said the sector would be safeguarded by caps on tariff-free imports.
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