From the Center for European Reform, this is the CIA podcast.

Poson us seriously the question of the

future that we want, and we all

all together, the courage to it construct.

For us in Germany, is the

Bekenness to the European Europe,

a part of our state's resolve.

A strong united Europe is a necessity for the world,

because an integrated Europe remains vital to our

international order. This is the moment for Europe world because an integrated Europe remains vital to our international order.

This is the moment for Europe to lead the way towards a new vitality.

Hello everyone and welcome back to the CR podcast. In this week's episode, I, Helmi Pilai,

will talk to our deputy director, John Springford,

about his most recent cost of Brexit analysis, which is published in December just before

Christmas. Hi, John. Hi, Helmi. Could you start by telling us briefly what your main findings

are? How has Brexit impacted the British economy? The modelling that I've been doing offers

four quantitative estimates of the impact of the economy across four kind of key variables.

The first one is GDP, i.e. the overall size of the economy, how much output is being produced. And in that instance, my estimate says that Brexit has reduced the size of the economy, UK GDP, by 5.5%.

The second variable is investments, and that includes both investment by the government and investment by the private sector.

And investment is 11% lower

as a result of Brexit. And then the final two variables are goods trade and services trade.

And obviously leaving a single market means that you're going to have some trade impacts

...