UK government: No-deal Brexit would mean economy is 7.7% smaller in 15 years time

The UK government released its analysis of Brexit scenarios this Wednesday and here are some of the key highlights:

   •  May's Brexit plan reduces GDP by 2.1% to 3.9% in 15 years time.
   •  Government modelling is based on impact in 15 years' time.
   •  May's modelled plan is better than a regular free trade agreement.
   •  But is worse than the UK choosing to stay in the EEA.
   •  Says that Chequers plan - which the EU rejects - has the least impact on GDP.
   •  No-deal Brexit would mean the economy is 7.7% smaller in 15 years time than if UK stayed in EU.
   •  The no-deal Brexit assumes no change to migration rules and some non-tariff barriers.