The City of London will take a relative hit from the UK government’s proposed post-Brexit trade deal with the US, according to the trade department’s own modelling.

The UK, which published the document this morning, is making the strategic case for a free trade deal with the US, and said its proposals could boost UK GDP by around 0.16% under its most optimistic scenario. That compares to a 4.9% hit to the economy from leaving the EU and establishing a free-trade agreement with the bloc, again according to government forecasts.