Leaving EU would cause a serious shock to UK economy
#Brexit could cost UK economy £100 billion and 950,000 jobs by 2020 #EUref #Business
"Findings from the @PwC_UK independent study also explains why the majority of UK businesses are in favour of remaining within the European Union. Even under optimistic assumptions, an exit triggers serious economic disruption." #EURef
The UK negotiates a free trade agreement with no tariffs on exports and imports between the UK and Europe by 2020. As it is no longer in the Single Market, it experiences a modest rise in non-trade barriers. The UK is assumed to maintain existing free trade agreements with other countries currently held by the EU, and signs a new trade deal with the US.
Based on the UK failing to secure a deal with the EU and therefore trading under World Trade Organisation rules after leaving. Tariff and non-tariff barriers with the EU rise significantly. The UK loses its existing free trade agreements with other countries, but renegotiates them on the same terms by 2026 and signs a deal with the US in the same year.
#Trade #EURef- If the UK leaves without a free trade deal, 90% of British exports to the EU, by value, could face tariffs.
#Trade #EURef- By leaving we would drop out of the deals with other countries which we have at the moment & have to renegotiate them from scratch.