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‘No deal’ Brexit would cost at least $16 billion in UK exports losses – U.N.

‘No deal’ Brexit would cost at least $16 billion in UK exports losses – U.N.

People hold placards during the “Stop the coup protest” in Parliament Square in London, Britain. September 2, 2019. REUTERS/Simon Dawson GENEVA (Reuters) – Leaving the European Union without a trade deal would cost Britain at least $16 billion (13 billion pounds) in lost exports, and would probably cost far more after indirect effects are taken

People hold placards during the “Stop the coup protest” in Parliament Square in London, Britain. September 2, 2019. REUTERS/Simon Dawson

GENEVA (Reuters) – Leaving the European Union without a trade deal would cost Britain at least $16 billion (13 billion pounds) in lost exports, and would probably cost far more after indirect effects are taken into account, a report by the U.N. trade agency UNCTAD said on Tuesday.

“UNCTAD’s research indicates that a no-deal Brexit will result in UK export losses of at least $16 billion, representing an approximate 7% loss of overall UK exports to the EU,” it said.

“These losses would be much greater because of non-tariff measures, border controls and consequent disruption of existing UK-EU production networks,” it said.

Reporting by Tom Miles; Editing by Edmund Blair

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