What happens if Britain leaves the EU with no new trade deals at all?

We’re told that the chances of both an EU trade deal and a US deal by January are now fading. What would that mean for the UK economy? Ben Chu reports

New regulatory checks at the UK-EU border would disrupt haulage firms and businesses that rely on deliveries from the EU (AFP/Getty)

Government sources briefed a double dose of concerning news this week.

Sources claimed that negotiations with the European Union on a free trade deal to kick in when the Brexit transition period ends in December are proceeding badly and that ministers are working under the assumption that there “won’t be a deal”, according to the Daily Telegraph.

Meanwhile, sources also said the likelihood of a new UK free trade deal with the United States by the end of 2020 were also fading fast.