Brexit: UK Risks $16bn On EU Exports, Says UN.
Britain could lose at least $16 billion annually on exports to the European Union if it leaves without a deal and possibly billions more on trade beyond the bloc, UN economists said Tuesday.
“In reality, the losses would be much greater because of non-tariff measures, border controls and disruption of existing UK-EU production networks,” they warned. The economists said that most of the British losses in the EU market would be concentrated in motor vehicles, which would take a $5-billion hit; meat and other animal products as well as the apparel and textile sector, which are both set to suffer losses of around $2 billion.
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