Britain risks slump after no-deal Brexit, says Moody's

UK will still have to pay Brussels in a no-deal Brexit says Philip Hammond

UK will still have to pay Brussels in a no-deal Brexit says Philip Hammond

This in turn means that manufacturers will have less incentive to sell EVs in Britain, according to Government documents discussing the impacts of a no-deal exit from the EU.

Traders say many investors are reluctant to take out big directional bets on sterling because of the uncertainty about where the Brexit negotiations are headed.

In his column for the Telegraph, Mr Raab said the technical papers would include plans for "protecting consumers from mobile phone roaming charges".

But many business chiefs and investors fear politics could scupper an agreement, thrusting the world's fifth largest economy into a "no-deal" Brexit that they say would weaken the West, spook financial markets and silt up the arteries of trade.

Recent signals from Brussels have pointed to renewed confidence that Britain and the European Union can agree a deal to govern trading relations after Brexit, sending the pound up sharply against other currencies over the last couple of weeks.

"Following the publication of the latest tranche of scenarios for a no-deal Brexit, it has emerged that drivers in the north will no longer be able to drive across the border without an worldwide driving permit", the Sinn Fein MEP said.

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A statement from the government said this approval would be "time-limited", but that it would "ensure that products can continue to be sold and registered in the United Kingdom".

Drivers, meanwhile, are told that "if there is no deal with the European Union, you may need to obtain an International Driving Permit (IDP) to drive in the EU".

British officials have said their problems with the EU-proposed backstop go beyond language and point out that Prime Minister Theresa May's Northern Irish allies in the British Parliament, the Democratic Unionist Party, would not be easily mollified.

Hopes are fading that Britain and the EU can strike a deal at an EU summit in October as originally planned, but there are growing expectations that the EU is planning another meeting for November.

The assessments also warned of major disruption for tech firms. The EU directive brought in in June 2017 which capped the prices mobile phone operators could charge each other will no longer apply to the United Kingdom after Brexit.

GettyTheresa May revealed the latest set of warnings about a no-deal Brexit.

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