Chart of the Day 16 June 2021 How the UK-Australia free trade agreement is worth 200 times less than EU membership The government’s own estimates suggest that the Australia deal will only boost GDP by 0.02 per cent, compared to a 4 per cent loss from Brexit. Dominic Lipinski - WPA Pool/Getty Images Prime Minister Boris Johnson and Australian Prime Minister Scott Morrison in the garden of 10 Downing Street. Sign UpGet the New Statesman's Morning Call email. Sign-up The added value of the UK’s new Australia free trade agreement appears paltry when compared to the expected cost of Brexit. The government’s own forecasts estimate that the deal will likely be worth around 0.02 per cent of GDP annually over the next 15 years. This amount is around 200 times smaller than the 4 per cent loss that the government estimates the UK will suffer from leaving the EU. Australia, of course, isn’t the only country with which the UK will be able to sign a new trade deal and nor is it the biggest (though even a US trade deal would only be worth an estimated 0.16 per cent.) But the figures serve to underline just how far there is for Brexit Britain to go before it even achieves parity with its previous position as an EU member state. › The abuse of Nick Watt is no isolated incident – the UK media is under attack Patrick Scott is the head of data journalism across GlobalData Media and the New Statesman Media Group Subscribe To stay on top of global affairs and enjoy even more international coverage subscribe for just £1 per month!