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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

Updated 45 mins ago - Health

COVID cases and deaths keep falling

Expand chart
Data: N.Y. Times; Cartogram: Kavya Beheraj/Axios

America’s coronavirus outbreak is rapidly improving as the Delta wave recedes, and vaccines for kids — which could become available within weeks — will help the situation improve even further.

By the numbers: Nationwide, the U.S. is now averaging about 79,000 new cases per day — a 22% drop over the past two weeks.

Felix Salmon, author of Capital
Updated 45 mins ago - Economy & Business

How the pandemic caused a corporate rebound

Illustration: Sarah Grillo/Axios

WeWork becomes a public company today worth more than $9 billion — a vindication of the expensive turnaround strategy employed after it spectacularly imploded in 2019. Like many companies that find themselves at death's door, that which didn't kill them made them stronger.

Why it matters: Hertz, Alamo Drafthouse, Airbnb, and Toast are among the currently-thriving companies that were shaken to the core in the early days of the pandemic — providing further evidence for the theory that, in the words of former Fast Company editor Bill Taylor, "companies can't be great unless they've almost failed."

2 hours ago - Technology

Facebook is a news media magnet

Expand chart
Data: Signal AI; Chart: Jared Whalen/Axios

New data finds that Facebook has been mentioned in more online stories in the U.S. in the past year than all of its major tech competitors combined.

Why it matters: Press scrutiny of Facebook has become so intense and negative that the tech giant is reportedly planning to rename itself as soon as next week to signal that it's more than just a social media company.