The possibility of the UK leaving the EU without a deal has been a risk since 23rd June 2016. But EU policymakers must be in no doubt of how serious the consequences of no deal would be for the European economy and jobs across the continent. The facts are clear: if the UK leaves the EU in a disorderly fashion it would result in disruption for businesses and families across Europe. Negotiators must do all they can to agree transitional arrangements as part of the Withdrawal Agreement as soon as possible.
Highlights on the potential impact for business:
- Jobs will be lost and trade disrupted in the EU if there is no deal
- The introduction of customs processes and tariffs in a no deal scenario would disrupt EU goods trade with the UK
- A no deal Brexit would also affect the EU’s access to UK services, and the access of EU services businesses to the UK’s markets
- Closing the door to UK expertise and data sharing will affect consumer safety and innovation
EU businesses have been united and vocal in warning against the dangers of no deal, and UK business also wants to mitigate the associated risks. The UK and EU must sign and pass the Withdrawal Agreement and
secure transitional arrangements to remove the threat of no deal - avoiding a cliff edge must be the top priority for both sides.