Britain's EU Exit Will Lead to a Worse Customs Deal: Report
- Institute for Government warns that business needs clear plans
- Manufacturing and pharma among most reliant on EU supplies
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Britain’s exit from the European Union will result in a worse customs deal than it has now, an independent think tank warned on Thursday.
The only way for the U.K. to avoid customs checks and extra costs would be to stay in the single market and customs union, the London-based Institute for Government said in a report. Other options include staying in the customs union while leaving the single market or negotiating a free-trade agreement, but these would cause disruption to supply chains and would require trade-offs with the EU, the institute said.