No-Brexit deal could cost UK, EU firms more than $80 billion: Report

A report by U.K.-based consultancy firm Oliver Wyman Ltd. and law firm Clifford Chance L.L.P. said that companies in Britain and the European Union could face an extra £58 billion ($80.6 billion) in annual costs in case of a 'no-deal' Brexit, Hellenic Shipping News Worldwide reported citing Reuters. Trade between Britain and the EU would default to World Trade Organization rules and tariffs in the absence of an agreement. The report found that 70% of the extra costs in Britain would be shared by five industries – financial services, cars, agriculture and food and drink, consumer goods and chemicals and plastics.

Read more.