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Britain and Europe head for final Brexit showdown – Sydney Morning Herald

Britain and the European Union have given themselves three days to salvage negotiations for a crucial post-Brexit trade deal.

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The Office for Budget Responsibility has said a no-deal outcome could wipe 2 per cent of Britain’s GDP in 2021 and scar the economy for the rest of the decade.
If no deal is struck, Britain defaults to trading with the EU on World Trade Organisation terms, meaning a raft of new tariffs on goods and the reintroduction of border checks and other red tape.
Government documents prepared by Britain’s Cabinet Office show the failure to strike a deal could lead to big increases in the cost of food, reduction…

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