The UK formally exited the European single market on 31 December 2020. While it requires more time to see the exact economic effects of this event on the UK, to a large extent, its short-term and long-term Impacts can be analyzed and predicted using trade theories and patterns in historical and current data. Use one or more theories, combined with an analysis of real-world data, to predict the short-term and long-term impact of Brexit on the UK economy.