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Old 26.08.2018, 15:49
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Re: The Brexit referendum thread: potential consequences for GB, EU and the Brits in

For all those people who told us if a EU deal failed then UK would trade under WTO rules

Quote:
No-deal Brexit: 'Not realistic' for UK to start trading under WTO rules in March, says WTO boss
'The moment that other countries begin to sense an opportunity to increase their market share or increase a quota here or there, they are going to go for that', says Roberto Azevêdo

If the UK does shift to WTO rules, Mr Azevêdo said some sectors will face significantly higher tariffs.

“It’s not going to be the end of the world, in the sense that trade is going to stop and that everything is going to fall down, no. But it’s not going to be a walk in the park either,” he added.
Source

The UK official technical notice about trading with the EU here paints a rosier picture which may not be true

Actually I found the wording confusing maybe I am having old timer day!

Quote:
In the event that the UK and the EU does not have a Free Trade Agreement (FTA) in place in a ‘no deal’ scenario, trade with the EU will be on non-preferential, World Trade Organisation terms.
This means that Most Favoured Nation (MFN) tariffs and non-preferential rules of origin would apply to consignments between the UK and EU.
I assume EU application of "Most Favoured Nation (MFN) tariffs" will require an agreement with the EU that is not yet in place?
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