This is a bare-bones deal for traders, which benefits EU companies more than it does UK companies. The UK economy earns 80% of its GDP with services, not with goods, and unfortunately there this is not much in the trade deal for the vital UK services industry.
Also, a ‘zero-tariff’ trade deal does not mean ‘zero customs regulations’ and the additional red tape for traders selling into the EU will have to be paid by someone. This is a bad day for the UK economy and will cost key industries billions in the years to come.
From financial and professional services, to the research and education sector, this deal brings long-term damage to many important UK industries. The removal of EU market access for these industries means less new business and opportunities, and higher costs to maintain existing business in the EU.