Leaving the European Union without a deal in place would not spell disaster for the UK economy, according to a free market thinktank advocating trade with the rest of the world over a “hamstrung” deal with Brussels. It would then be up to Brussels if it wanted to impose tariffs on British imports, which the thinktank said would hurt EU consumers. EU leaders have poured cold water on Britain’s hopes of such arrangements in recent days. The Institute for Government said leaving with no deal was a “recipe for maximum disruption” should the UK have to trade with the EU under WTO rules, because it would include higher tariffs and more document checks and inspections at borders. Leaving the EU would disrupt the flow of goods required by manufacturers in the UK, harming sectors such as car production, and create friction in trade across borders, its report, published on Thursday, concluded.

Source: The Guardian August 17, 2017 22:52 UTC