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U.K. Chancellor Philip Hammond. Photo: Jack Taylor via Getty Images

The United Kingdom's Treasury released an analysis on Wednesday concluding that, under Prime Minister Theresa May's proposed Brexit deal, the U.K.'s GDP would be left 3.9% smaller after 15 years than if the country remained in the European Union, reports the BBC.

The big picture: If Parliament rejects May's plan and the U.K. crashes out of the EU without a deal, the country's GDP would be 9.3% smaller after 15 years, according to the analysis. Chancellor Philip Hammond, the country's top finance minister, admitted that remaining in the EU would be the best outcome in purely economic terms, but that Brexit has "political benefits" and that the government remains committed to selling May's deal to the British people.

Go deeper

Former FDA commissioner: "Reliable drug supply is absolutely critical"

Axios' Caitlin Owens and former FDA commissioner Mark McClellan. Photo courtesy of Axios Events

Having a reliable supply of pharmaceutical drugs throughout America will be "absolutely critical" to boosting affordability in health care during the Biden administration, former Food and Drug Administration (FDA) commissioner Mark McClellan said at a virtual Axios Event on Friday.

The big picture: McClellan, who served under President George W. Bush, says drugs having limited supply and limited competition leads to elevated pricing. He considers drug supply to be a national security and public health issue.

Felix Salmon, author of Capital
2 hours ago - Economy & Business

Americans are still spending money

Source: Census Bureau; Chart: Axios Visuals

Americans spent more money at stores and restaurants in 2020 than they did in 2019 — even in the face of a devastating global pandemic that shut down broad sectors of the economy.

Why it matters: The monthly retail sales report this morning came in well below expectations, and showed consumer spending falling on a seasonally-adjusted basis. Total expenditures were still higher in December 2020 than they were a year previously, however.

The deplatforming fight shifts to the courts

Illustration: Eniola Odetunde/Axios

The Capitol riot and tech firms' sweeping attempt in its wake to dislodge the online far right are kicking up efforts to have the courts settle knotty questions about online speech and power.

Why it matters: Legal battles could force the people angry at Big Tech to bring more rigor to arguments that have often devolved into messy sideshows.