Northern Ireland’s economy would enjoy a lift of more than £150m a year if the UK as a whole were to rejoin the EU, according to new research.

A decade after the Brexit vote, a new study commissioned by pro-European group Best for Britain models the key benefits of greater integration with the EU.

Carried out by Frontier Economics, it finds the north’s economy would be boosted by at least £158m each year – the equivalent to a GVA (general value added) increase of at least 0.43% – by the UK’s re-entry into the trading bloc.

As well as assessing the implications for the UK’s regional economies, the study also looks at the potential impact of tariffs being imposed by US President Donald Trump.

The research examines each of the scenarios, including exposure to a specific change in trade costs resulting from tariffs and/or regulatory alignment, reflecting the mix of economic activities that take place in Northern Ireland.

It finds reinstated EU membership and the resulting economic upswing could recoup at least two-thirds and up to 90% of the economic loss inflicted by Brexit.

It says the economic case for EU membership is clear, characterising the 0.43% GVA boost as “a conservative estimate of the benefits of full EU membership”.

“This scenario far outpaces the estimated gains on offer from a food and drink deal alone (0.02%) or stand alone customs union (0.10%),” the research concludes.

“Only full membership delivers deeper trade, stronger investment, and critically for businesses in Northern Ireland, a shield against the damaging impact of US tariffs.”

Best for Britain is are now urging prime minister-in waiting Andy Burnham to signal the UK’s intent to renew EU membership in order to boost economic growth in Northern Ireland and Britain.

It says the move would shield regional economies from Trump’s “hostile and chaotic tariff policy” and fund vital public services.

SDLP leader Claire Hanna welcomed the research findings.

“Businesses and consumers across Northern Ireland have known for a long time what this report now shows in black and white,” she said.

“There is no greater economic injection on offer than membership of the EU. Our businesses need it and our people deserve it.”

Best for Britain chief executive Naomi Smith said: “After ten years of sky-high inflation, soaring bills and a cost of living crisis hammering families from Lurgan to Limavady, a new UK prime minister will soon have the chance to transform Northern Ireland’s fortunes, put money back into people’s pockets and help industry thrive.

“Both the public and the data are clear: as this research sets out, EU membership is the quickest and the most popular way to get Northern Ireland growing again.”