British Prime Minister, Theresa May, leaves 10 Downing Street in London, to attend Prime Minister's Questions at the Houses of Parliament, Wednesday, March 1, 2017. (AP Photo/Matt Dunham) (The Associated Press)
LONDON – The president of one Britain's biggest business lobby groups is to warn of the devastating consequences of the country leaving the European Union without having secured a wide-ranging trade deal.
In prepared remarks for a speech due later Thursday, Paul Drechsler will say that a "'no deal' scenario would open a Pandora's Box of economic consequences."
If Britain ends up leaving the EU without a deal, it would have to rely on so-called World Trade Organization rules.
For Drechsler, this "worst-case scenario" would hurt firms on both sides.
Britain, he added, would face tariffs on 90 percent of its EU exports by value and a raft of new regulatory hurdles. As a member of the 28-country bloc, British firms don't have to pay any tariffs to trade in the EU.
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