00:00Talk of reversing Brexit is getting louder, but undoing the damage won't be easy.
00:04Here are three possible scenarios and what they would mean for the UK.
00:08Brexit may have already cost the British economy between 2% and 4% of GDP,
00:12according to new analysis by Bloomberg Economics.
00:15As the 10th anniversary approaches, polls suggest a majority back rejoining the EU.
00:20And politicians have been getting bolder in their vision of closer ties across the channel.
00:25One form that could take would be rejoining the customs union,
00:27which is a popular option among Labour MPs.
00:30That would give the UK access to EU markets for goods such as food and drugs
00:34and reduce but not eliminate paperwork and costs for business.
00:38Customs union membership would recover about 0.5% of GDP.
00:42Another possibility would be a Swiss-style deal,
00:45under which multiple trade agreements are struck for both goods and services.
00:48But it took Switzerland years to negotiate the deals,
00:51and the country offered free movement of labour to smooth the process,
00:54albeit with an emergency break should migration soar.
00:57That option would recover 0.8% of GDP.
01:00Finally, we looked at single market access for goods,
01:02which is an option that the UK government pursued with the EU earlier this year.
01:06Those discussions faltered because Brussels demanded free movement,
01:09crossing one of Labour's red lines.
01:11Single market access would be the best option,
01:13recovering about 1.2% of GDP, almost halving the loss.
01:17All three options would require the UK to pay for access,
01:21though presumably not as much as the ÂŁ10 billion when Britain was a full member of the EU.
01:25Nothing short of a full Brexit reversal would really touch the sides.
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