UK stands to lose $16 bn on EU exports in case of no deal Brexit: UN

Britain could lose  $16 billion annually on exports to the bloc, and possibly billions more on trade beyond the EU if it eaves the European Union without a trade deal, according to a report by the UN trade agency UNCTAD on Tuesday.The UN Conference, in a fresh report, on Trade and Development (UNCTAD) found that "a loss of preferences in the EU market consequent to a no-deal Brexit will result in UK export losses of at least $16 billion," representing an approximate 7% loss of overall exports to the EU.According to report, that would include $5 billion in motor vehicle exports, $2 billion in animal products and a further $2 billion in apparel and textiles.

from The News International - World https://ift.tt/2ZvmP6s