Could Labour build closer EU trade ties and would this increase growth?

Andrew Bailey's speech highlighted the significant economic impact of Brexit on the UK, stressing the need for better relations with the EU to support growth.

Labour’s revised proposals for trade with the EU focus on making the existing Trade and Cooperation Agreement (TCA) more effective, rather than pursuing a full return to single market access.

Economists are skeptical that Labour's modest aims will lead to significant GDP growth, viewing the benefits from reduced border friction as minimal compared to the economic costs of leaving the single market.

John Springford noted that while improvements to the TCA are necessary, the notion that they can counteract the economic downturn from leaving the single market is unrealistic.

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