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Do not underestimate the consequences of a “no deal” Brexit

There has been suggestion that Europe will help limit the damage. It will not

By Anand Menon  

Brexit Secretary Dominic Raab. Photo: Peter Nicholls/PA Wire/PA Images

The Brexit debate in the UK has returned to the issue of “no deal.” The government has released a series of “technical notices” advising businesses and households on how to prepare contingency plans. Luminaries have competed in calculating the odds of a collapse in negotiations.

It is worth being absolutely clear in discussing the potential for no deal what, precisely, it means. Briefly, it implies the UK leaving the European Union with no withdrawal agreement in place. Hence, “trading under WTO terms”—the outcome of the UK leaving…

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