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And speaking of what will happen in case of no deal, Politico.eu tried to have a stab at it:

What happens if there's no Brexit trade deal?

Tariffs

How bad could it be? 💥💥💥💥💥


What happens immediately?

  • Free trade between the EU and U.K. ends on January 1, 2021 -- and both sides fall back on World Trade Organization terms. The U.K. has set out its Global Tariff Schedule for imports from the EU (as well as all other nations it has no trade deal with) and would be subject to the EU Common External Tariff for exports to the EU.

  • The administrative burden of tariffs, in addition to new customs checks, risks having an impact on food supplies -- in particular those heading to the EU, because firms importing goods to Britain will be able to defer tariff payments and some customs administration for the first six months.

  • The additional costs of tariffs and delays will likely create problems for companies, supply chains and retailers in almost every sector of the economy.

  • Prices in shops will inevitably rise as a result, and some businesses could go bust.

  • by Bernard on Mon Oct 5th, 2020 at 08:24:50 PM EST
    [ Parent ]
    ???
    " importing goods to Britain"
    Do you mean "importing goods from Britain" or "exporting goods from Britain" ?
    by StillInTheWilderness on Thu Oct 8th, 2020 at 03:53:28 PM EST
    [ Parent ]
    That particular section was written by a UK based Politico journalist (as opposed to their Brussels based staff). As a non-native speaker myself, I take it to mean businesses that import goods from the EU into the UK - but I may be wrong.
    by Bernard on Thu Oct 8th, 2020 at 05:02:14 PM EST
    [ Parent ]

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