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The welfare effects of Brexit on the UK, the EU27 and the rest of the world are analysed in a model of international trade under oligopoly. A hard Brexit where the UK trades according to WTO rules is shown to decrease total UK welfare, to have an ambiguous effect on total EU27 welfare, and to...
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This study estimates the average tariffs that the producers of each of the 27 EU countries could face when exporting to …
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tariff was positive and greater than the levels established by mid-century, a reduction to zero of all tariffs that remained … simulate a drop in all British tariffs to zero. The resulting substantial net increase in British welfare suggests that British … tariffs were much higher than would be consistent with an optimum tariff policy. More important, the size of British losses …
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