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Prosperity Institute: EU Customs Union Could Cost £40 Billion

2/16/2026

Summary

Story summary

The Prosperity Institute warns rejoining the EU's customs union could cost Britain up to £40 billion annually.
Economists criticize Prime Minister Keir Starmer's strategy, arguing closer EU ties would risk economic decline.
They say British businesses have thrived since leaving the EU, and closer ties could trap them in stagnation.
Chancellor Rachel Reeves calls stronger EU ties the biggest prize for cooperation as Labour MPs push for a bespoke arrangement.

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Story summary

The Prosperity Institute warns rejoining the EU's customs union could cost Britain up to £40 billion annually.
Economists criticize Prime Minister Keir Starmer's strategy, arguing closer EU ties would risk economic decline.
They say British businesses have thrived since leaving the EU, and closer ties could trap them in stagnation.
Chancellor Rachel Reeves calls stronger EU ties the biggest prize for cooperation as Labour MPs push for a bespoke arrangement.