This will inevitably be worth the economic cost. However, the Johnson government has so far refused to reveal its own assessment of the potential damage the deal would do to the UK economy.

However, analysis published by the UK government last November showed that a deal on what Johnson agreed would have serious negative economic consequences for the UK, with the British people hit by falling wages and declining growth.

Analysis by Johnson’s own government showed that a deal on what was agreed on Thursday would reduce annual economic growth by 6.7% compared to staying in the EU.

This is largely due to the new barriers to trade created by this mechanism, including the costs of new customs agreements.

That’s a major hit to the UK economy which will make average households thousands of pounds poorer than they would have been had we remained in the EU.

© UK government

The UK government’s own analysis also suggested that a deal along the lines of Johnson’s would have a big impact on the average wages of people living in the UK.

According to the Central forecast, average real wages will fall by 6.4% compared to staying in the EU.

This is largely due to the wider economic blow one would expect from swapping EU membership for a simple free trade agreement with no trade and economic benefits remaining inside.

© UK government

The economic blow will inevitably lead to the UK government being forced to borrow more or drastically reduce the services it provides to the public. According to the government’s own analysis, borrowing as a percentage of economic growth will increase by 3%.

These are broad assessments, and negotiations on the final form of the future ICU relationship have not yet begun. However, the General terms of the deal clearly risk a significant blow to the UK economy.

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