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A “no deal” Brexit might not be as bad as you think

A reversion to WTO rules is one option—but there are precedents from history for a different approach

By Paul Lever  

German Chancellor Angela Merkel. Photo: Kay Nietfeld/DPA/PA Images

In her pre-election, truculent approach to Brexit Theresa May’s much repeated mantra was that no deal was better than a bad deal. She was unable, or unwilling, to spell out what a bad deal (or for that matter a good deal) would look like. Neither did she explain what “no deal” would mean.

According to conventional wisdom Britain would, in the…

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