Brexit has already cost £11.5billion in trade, Centre for European Reform think tank estimates

The Centre for European Reform estimated that quitting the single market and customs union at the end of December 2020 had cut trade in goods by £3.5 billion, or five per cent, by February.

It stressed that this was on top of an £8 billion, or ten per cent, hit to trade between the June 2016 Brexit referendum and leaving the single market at the end of 2020, a period which saw a sharp fall in the value of the Pound.

“Last month, our cost of Brexit model showed that leaving the single market and customs union in January 2021 had reduced the UK’s total goods trade by 22 per cent,” said John Springford, CER deputy director.

“Using the data for February, which was released today, we estimate that goods trade is now 5 per cent, or £3.5 billion, lower.