This paper assesses the economic implications of the United Kingdom leaving the European Union. The basic data on trade in goods and services and investment between the two parties suggest that cost of ‘Brexit’ could be substantial. Trade between the UK and the EU27 is large and of a similar...

The 2006 Services Directive was designed to stimulate the free circulation of services within the European internal market. Owing to their relatively poor tradability and considerable political sensitivity, the services that had not been liberalized by ad hoc EU legislation were still mostly...