Assuming there was no change in what was traded across the English Channel – which obviously wouldn't be the case as consumers would start to shop around elsewhere – UK exporters would, under WTO ‘Most Favoured Nation' (MFN) rules, find themselves paying £5.2 billion in tariffs on goods they exported to the rest of the EU. EU exporters, however, would end up paying £12.9 billion worth in tariffs on goods they exported to Britain.
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