Cost of No Deal

Summary:

Report published by the 'UK in a Changing Europe' research group in July 2017 on the potential consequences should the United Kingdom fail to reach an agreement with the European Union either on withdrawal or trade post-Brexit. The report states that such consequences would be 'widespread, damaging and pervasive'.

Further information:

The report shows that a chaotic Brexit could arise in two ways:

+ A premature Brexit - talks break down acrimoniously with the UK unilaterally ceasing to pay its EU contributions and ending the supremacy of EU law in the UK with immediate effect;

+ A timed out Brexit - talks do not completely break down, but no agreement is reached within the two year period and there is no extension.

A 'no deal' scenario would likely trigger a significant economic impact and serious political ramifications.

• Primary Source

ESO: In Focus: Brexit - The United Kingdom and the European Union http://www.europeansources.info/record/brexit-the-united-kingdom-and-the-european-union/

[Blog] UK in a Changing Europe, 20.07.17: Cost of no Brexit deal will be 'widespread, damaging and pervasive' leading academics find http://ukandeu.ac.uk/cost-of-no-brexit-deal-will-be-widespread-damaging-and-pervasive-leading-academics-find/

The Guardian, 20.07.17: No-deal Brexit would spawn 'legal morass and economic disaster' https://www.theguardian.com/politics/2017/jul/20/no-deal-brexit-would-spawn-legal-morass-and-economic-disaster

Politico, 20.07.17: No deal on Brexit would have ‘damaging and pervasive’ impact: think tank http://www.politico.eu/article/no-deal-on-brexit-would-have-damaging-and-pervasive-impact-think-tank/

---