Leaving without a deal would mean an immediate Brexit on March 29 after tearing up a 21-month transition agreement. This included giving £39billion to the EU, which ministers would no longer have to pay, a House of Lords report claims.
The Chequers agreement effectively proposed keeping Britain in the single market for goods and agriculture to preserve ‘frictionless’ trade and protect the economy.
Customs checks on cross-Channel freight would cause havoc at ports, hitting food supplies and other goods.
Even Brexiteers admit to a big economic impact in the short term. Britain could waive customs checks on EU produce to free up backlogs, but would Brussels do the same?
All EU-UK trade in goods is free of tariffs in the single market.
Trade would revert to World Trade Organisation rules. The EU would charge import tarif