Lancaster House speeches) were more closely correlated with potential changes to tariffs and non-tariff barriers on UK-EU trade … correlation between the share of EU migrants in different industries and stock market returns …

expectations about future UK-EU relations. Studying its consequences provides new insights regarding the economic impacts of news …, there was little or no trade diversion away from the EU, implying that many of the anticipated long-run effects of Brexit … did not materialize before the new UK-EU trade relationship came into force in 2021 …