LONDON — Prime Minister Theresa May has repeatedly insisted that leaving the EU with no trade deal “is better than a bad deal.”
However, the man in charge of Brexit negotiations told MPs on the Brexit Committee on Wednesday that the government could “not quantify the outcome” of doing so.
Asked about the costs of a no-deal Brexit, Davis admitted that leaving the EU without a deal would lead to new tariffs and other barriers to trade.
He also told the House of Commons Brexit committee that Britain may also lose its financial passports, the EU Open Skies agreement, and be forced to impose new border checks between Northern and Southern Ireland.
He suggested that leaving the Customs Union could also cause long delays at customs and would probably cost British tourists their access to free European health insurance cards.
However, when asked whether May’s government had made any assessment of the economic impact all of these changes, he replied that “it is not possible to calculate.”
He added: “I cannot quantify that in detail yet. I may well do in about a years’ time.”