Losses are equivalent to 14% of Britain’s exports to the EU. FMTNews UK
GENEVA: Britain could lose up to US$32 billion annually in exports to the European Union if it fails to strike a trade deal with the bloc, UN economists said on Tuesday.
“The losses would deal a major blow to the UK’s economy, as the EU market accounts for 46% of the UK’s exports,” said the study by the Geneva-based agency.The most affected would be Ireland, which could see a 10% cut in its exports under the no-deal scenario. This is because standard trade deals normally concentrate more on reducing or eliminating tariffs rather than non-tariff measures and Britain has already indicated it will diverge from the EU in terms of regulation.
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