Leaving the European Union without a trade deal would cost Britain at least $16 ...
An anti-Brexit marching band performs at Westminster, in London, Britain September 3, 2019. REUTERS/Henry Nicholls
“UNCTAD’s research indicates that a no-deal Brexit will result in UK export losses of at least $16 billion, representing an approximate 7% loss of overall UK exports to the EU,” it said. UNCTAD said the $16 billion figure was conservative, and only took into account a rise in EU tariffs from zero to the basic “most favored nation” rate that it offers countries without preferential deals.
The report was published as Britain’s parliament debated a bid to stop Britain crashing out of the EU on Oct. 31 without a transitional deal, which the European Commission described as a “very distinct possibility”.
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