The paper summarises UK Government activity to prepare for no deal as a contingency
plan, and provides an assessment of the implications of a no deal exit for trade and
for businesses, given the preparations that have been made.
The paper explains that leaving the European Union without a deal on 29 March would have a variety of effects on business, trade and the economy, and despite government mitigation, the impact of a ‘no deal’ scenario is expected to be significant in a number of areas.
While some of this is inherent to a scenario where the UK does not have any
agreements with the EU, or with other countries and organisations with which the
UK currently has deals through EU membership, in other cases it would be caused
by the abrupt nature of the transition, and the late stage at which many parties are
starting their preparations. The paper also addresses issues in relation to Article
XXIV of the General Agreement on Tariffs and Trade.
The information in the note is drawn from a number of sources over a period of
time. It represents a fair reflection of the current state of readiness for a no deal
exit.
