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The Editors

Forget the Rest: May’s Brexit Will Cost a Fortune

The closer you look at the deal, the worse it gets.

Not worth it.

Not worth it.

Photographer: Matt Dunham/WPA Pool/Getty

In its general outline, Prime Minister Theresa May’s Brexit deal looked misguided. As the costs become clearer, it’s starting to look indefensible.

A new study by an academic think tank has tabulated the economic effects of the proposed deal, with dismal results: Over 10 years, May’s agreement could reduce the U.K.’s gross domestic product per capita by as much as 5.5 percent, while cutting public revenue by perhaps 1.8 percent of GDP (and that’s after accounting for reduced payments to the European Union). Other research has come to similarly alarming conclusions. Even the government’s highly optimistic figures, released Wednesday, broadly confirm that the deal is a disaster in the making.