UK stands to lose $16 bln on EU exports in case of no-deal Brexit

If Britain leaves the European Union without a deal, it could lose at least $16 billion annually on exports to the bloc, and possibly billions more on trade beyond the EU, UN economists said on Tuesday.

In a fresh report, the UN Conference 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 seven percent of its overall exports to the bloc.

Meanwhile, British Prime Minister Boris Johnson lost his working majority in parliament on Tuesday when one of his Conservative lawmakers defected to the pro-European Union Liberal Democrats.