Right, we have 86 days to go until 31st October – Deal or No Deal. So, what should we expect in the event of a No Deal?
- Short term disruptions
- No trade agreement with the EU and we will also lose associated agreements with about 70 countries.
- UK returns to the World Trade Organisation (WTO) terms until it agrees new deals.
For British businesses trading with the EU, of which there are 250,000 of them – that would mean new customs and border controls and possibly higher tariffs.
- Immigration rules apply. It will be up to each country to guarantee the rights of their citizens.
- UK stops making £9bn a year contribution to EU budget.
- Likely price increase for goods and services.
The new prime minister has approved over 6 billion to prepare us for No Deal. It looks like we all need to start preparing too.