Peter IJtsma, Bart Los and Marcel Timmer, joint with Peter Levell (IFS), published a paper in Fiscal Studies on the degree to which the UK participates in global value chains and what this implies for a post-Brexit trade policy. They argue that the UK will benefit only to a limited extent from bilateral trade agreements with countries outside the EU (a ‘Global Britain’ strategy) if it gives up its role in the supply chains that service these countries via the EU hub.