, Columnist
Brexit Hurts Europe, But Hurts the U.K. More
The EU's advantage is clear: It can withstand more pain thanks to its sheer size.
Winning side.
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There have been numerous estimates of Brexit's cost to the U.K. but fewer similar ones for the European Union. But calculations are gradually surfacing, and while Europe's costs are serious, it's easy to see why the EU has a stronger negotiating position.
On Monday, the New York-based management consulting firm Oliver Wyman and the London-based law firm Clifford Chance published a telling report on "the red tape costs" of a so-called "no-deal" Brexit. They looked at the damage to importers and exporters from the added red tape, but not any indirect economic impact on firms down the established supply chains.