No deal Brexit cost £20bn?

HMRC chief: no deal would cost British and EU businesses

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How damaging would a 'no-deal' Brexit be? - UK in a changing Europe

The UK’s decision to leave the EU has created huge uncertainty: over what sort of trade agreement we might have with them in the future and the resulting tariffs that UK firms can expect to pay in order to export from the UK to the EU.

Leaving the Customs Union will also open up firms in the UK to further potential trade restrictions introduced by the EU under the World Trade Organization’s laws on anti-dumping orders, countervailing duties and safeguards.

This uncertainty has been compounded by the Trump administration’s action over UK access to the valuable US markets. As a result, firms in the UK now have to decide whether to enter new foreign markets, continue in established markets, or invest in their productive capacity without knowing much about their future access to these markets.

Such uncertainty can have permanent effects on an economy by reducing the incentive for firms to invest.

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