Brexit: No-trade deal with EU to cost businesses £58bn a year, research finds

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‘Existential threat’ posed to some UK industries by increased tariffs and customs checks, according to report

  • Ben Chapman
  • Independent

A no-deal Brexit would cost companies in the UK and the EU £58bn a year, with Britain’s financial services sector taking the biggest hit, according to new research.

EU & UK flags 3c Getty LLLLThe additional direct “red-tape cost” of tariff and non-tariff barriers would be £27bn to UK firms and £31bn to their EU counterparts, a report from consultancy Oliver Wyman and law firm Clifford Chance estimates.

“These increased costs and…

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