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Report: Brexit ‘Red Tape’ will cost exporters £58 billion a year

Jaclyn Jaeger | March 13, 2018

If the EU27 and United Kingdom reverted to a World Trade Organisation trading relationship with each other, direct costs will total around £31 billion for EU exporters and around £27 billion for U.K. exporters, even after initial steps to mitigate costs have been taken. Non-tariff barriers will account for more of the effect than tariffs.

That’s according to the findings of a recent report, “The Red Tape Cost of Brexit,” conducted by management consulting firm Oliver Wyman and law firm Clifford Chance, which partnered to calculate the impact of tariffs and non-tariff barriers on companies. The report focused only on the direct impacts of the U.K.’s exit from the EU, which are of immediate importance to companies for Brexit planning. It did not model additional impacts—such as migration, pricing changes, or third country Free Trade Agreements—which are likely to increase the... To get the full story, subscribe now.