Cost of no deal
[Theresa May: ‘No deal is better than a bad deal’]
[Philip Hammond: No deal would be a 'very, very bad outcome']
[Boris Johnson: Leaving the EU without a deal on Brexit would be 'perfectly OK']
[Jeremy Corbyn: No deal would be an ‘economic disaster’]
Politicians can’t agree on what a ‘no deal’ Brexit outcome will mean for Britain.
But our research makes it clear: if we fail to sign any agreement with the EU, the result will be profound and negative.
A chaotic Brexit will have widespread, damaging and long-lasting implications for Britain...
Because airplanes may grind to a halt.
British citizens in the EU and EU citizens living in the UK may find themselves in legal limbo with their rights vague and precarious.
A fall in the exchange rate may cause a rise in inflation and the price of goods and services.
Wages, consumer demand and business confidence may crash, as investment stagnates.
British businesses exporting to the EU may find the status of cross-border contracts unclear causing legal confusion...
While ‘just-in-time’ trans-national supply chains, such as those in the aerospace and car industries, may breakdown due to time-consuming checks at borders.
A chaotic Brexit may also undermine the economy and destabilize the politics of Northern Ireland.
Also, the UK’s nuclear power plants may not be able to operate.
The political ramifications of a chaotic Brexit will also be severe.
The government is likely to blame Brussels for the outcome.
‘No deal’ is likely to create acrimony with the EU, poisoning relations and making future cooperation harder.
The politicians might not agree, but our analysis leaves us in no doubt - to protect ourselves from political, legal and economic chaos, ‘no deal’ is an outcome the British government must strive to avoid.