A “no-deal Brexit,” a situation in which Britain would leave the European Union without a transition period and subsequent trading would have serious economic consequences, according to a recent article posted on BBC online.

The article says that removing Britain from the EU is like removing egg from an omelette.

‘If there is no deal and Britain reverts to “third country” status, the government has provided a long list of preparations firms that export and import to and from the EU will be required to undertake.

Customs declarations would be needed, tariffs (import and export taxes) “may also become due” and the government also says firms are likely to need to invest in new computer systems to track goods.’

The article also said that “the costs of a no-deal situation are likely to be substantial…And consumers and businesses would be the ones paying the bill.”

Read more on the various aspects of a “No-Deal Brexit.”