Work is proceeding to try to establish better arrangements so as to prevent the next crisis, or, more realistically, at least make it less costly – all the while seeking to avoid doing things that make it harder to recover from this one. I propose to offer today some information and some observations about these developments and the associated issues.
But even under the deal there is going to be a more challenging economic relationship between the United Kingdom and the EU27. That is regrettable and it’s damaging, although – as the United Kingdom is a mid-sized economy – more of the damage will be in the United Kingdom than in the EU27.