A "no deal" Brexit would mean new trading barriers that could cost UK and European industry £58bn ($81bn) next year, with British exporters alone losing £27bn, according to a report from consultants Oliver Wyman and law firm Clifford Chance. While both sides are confident of securing a deal, the prospect of failure is strong. Without no agreement, the UK would have to rely on World Trade Organisation terms, which could create tariff and non-tariff barriers. The resulting costs would hit many industries, the report said, particularly financial services and agriculture, as well as manufacturers including makers of cars and consumer goods.
A "no deal" Brexit would mean new trading barriers that could cost UK and European industry £58bn ($81bn) a year, with British exporters alone losing £27bn, according to a report from consultants Oliver Wyman and law firm Clifford Chance. While both sides are confident of securing a deal, the prospect of failure is strong. Without no agreement, the UK would have to rely on World Trade Organisation terms, which could create tariff and non-tariff barriers. The resulting costs would hit many industries, the report said, particularly financial services and agriculture, as well as manufacturers including makers of cars and consumer goods.