LONDON - The damage to Britain’s goods exporters of leaving the European Union without a new free trade deal in place would be at least £4.5bn a year – and in all likelihood many multiples of that – an investigation by The Independent has found.
David Davis, the Brexit Secretary, admitted earlier this month that it was possible the UK could leave the EU without a deal and would be forced to trade with the rest of the continent under World Trade Organisation rules.
And the International Trade Secretary Liam Fox issued a press release in August that suggested to exporters this could be the ultimate outcome of Brexit.
Some trade experts are concerned that even if the Government tries its best to negotiate a free trade agreement with the EU it could be impossible to complete within the two-year timetable for Britain to leave after the Article 50 of the Lisbon Treaty is triggered.
World Trade Organisation rules mean that the UK exporters would be hit with the EU’s Common Customs Tariff – a wide range of taxes on imports. (Independent)