Summary 5

Introduction 6

1. What the Trade and Cooperation Agreement (TCA) left out 7

2. The impact of an MRA on the UK economy 10

3. Which sectors benefit most? 14

Conclusion 16

References 17

Annex 19

  Defining MRA relevant goods 19

  Our MRA taxonomy 21

  Control and treatment groups 21

  Data 22

  Putting it all together 23