The country now faces a potential 4% loss of GDP over 15 years, compared to remaining in the EU. Leaving without any agreement would have led to a potential loss of 6% of GDP, estimates the fiscal watchdog. The biggest stumbling block was the access for EU fisheries to British seas, which London was keen to reclaim as demonstration of wresting sovereignty after Brexit. Prime Minister Boris Johnson has predictably claimed victory for restoring the nation’s sovereignty that had supposedly eroded under its 47-year EU membership. That will set the limits of national sovereignty.

Source: The Hindu December 25, 2020 18:39 UTC