Nissan could tear up plans to build its Qashqai model in Sunderland if the UK leaves the European Union without a deal, according to reports, putting a plant employing 7,000 people at risk of closure. The UK would no longer be paying into the EU budget, nor would it hand over the £39bn divorce payment. In the immediate aftermath, without a deal the UK would trade with the EU on the default terms of the World Trade Organization (WTO), including tariffs on agricultural goods. The UK government has already indicated that it will set low or no tariffs on goods coming into the country. WTO rules only cover goods – they do not apply to financial services, a significant part of the UK’s economy.

Source: The Guardian October 01, 2019 13:50 UTC