In the News
UK signs membership of CPTPP - but will it drive faster growth?
The UK has been admitted to the The Comprehensive and Progressive Agreement for Trans-Pacific Partnership - or CPTPP. It's a trading bloc established in 2018, and focused on the Asia-Pacific region.
The humorous element to this is that the UK already has existing trade deals with 9 of the 11 members, barring Malaysia and Brunei, all rolled over from being an EU member and the next effect of the move is expected to boost UK GDP by 0.08% in the next 10 years. Compared to the 4% that Brexit is going to cost us.
Supporters of the scheme argue that this is a pessimistic view and the move is much longer-term than that, positioning us for future gains. I can't help think of Keynes' view of the long-run.