No deal Brexit25 Oct 2019 14:08
By law, if no Wihtdrawal Agreement is signed by Oct 31st we leave and trade on WTO rules with Europe. The tariff rates have been set at zero for most goods, so regarding imports from the EU these are unaffected (by tariffs). On the other hand, the EU has to apply tariffs at the same rate as they do for other WTO members for which they have no trade deal, so cost of Britsh goods imported into the EU increase significantly. It gets worse...because we offer zero tariffs to the EU we have to offer the same with the rest of the world. We therefore open our markets to a flood of cheap foreign imports - OK for the penny in your pocket until you lose you job becuase home grown businesses killed.