The Resolution Foundation warns that Sir Keir Starmer's refusal to rejoin the single market limits the UK's economic growth potential post-Brexit, squandering opportunities.
The foundation's analysis suggests that rejoining the single market could yield a 3.5% boost to GDP compared to the current EU trade agreement, highlighting potential economic gains.
While recognizing some benefits from current agreements on professional qualifications and veterinary standards, the think tank argues for a more ambitious strategy to tackle ongoing regulatory divergence with the EU.
Sophie Hale, principal economist at the Resolution Foundation, emphasizes that ongoing regulatory divergence from the EU is responsible for about half of the long-term economic damage projected from Brexit.
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