Will it have to pay customs tariffs – making British exports less attractive and imports more expensive?
This will depend on the terms of the deal the UK manages to negotiate. If it negotiates a "pure" trade deal – without accepting rules of free movement – it will have limited access to the Single Market and may have to pay customs tariffs.
The UK is the world's fifth biggest economy and the EU's biggest customer. About half of the UK’s exports go to the EU and 16% of the EU’s exports go to the UK. Britain has 60 million consumers and the EU (without UK) would have 440 million. Who will have the upper hand in negotiations?
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