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  1. ITV Report

Warning over 'No-deal Brexit' cost to the East

There's a warning that the East of England's economy is facing a multi-million pound blow in the event of a 'No-deal Brexit.

The warning comes from The Confederation of British Industry.

Warning over 'No-deal Brexit' cost to the East Credit: PA Wire

The CBI says exports to countries in the EU with free trade agreements are worth more than 4 billion pounds each year, that's 10 per cent of the east's exports.

The UK currently benefits from extensive trade agreements as an EU member, spanning around 70 countries.

Warning over 'No-deal Brexit' cost to the East Credit: PA Wire

The CBI says in the East of England, exports to countries with EU free trade agreements are worth more than £4 billion every year, accounting for more than 10% of the region's exports. This figure equates to the annual salaries of more than 114,000 teachers.

The CBI is concerned that If the UK leaves with 'no deal', these exports risk having immediate tariffs imposed overnight, potentially costing the East of England economy millions of pounds in lost orders.

"If the UK leaves the EU without a deal, overnight businesses in the East of England could cease to enjoy the benefits of tariff-free trade with, and easy access to, crucial markets for products and services, from Canada to South Korea. Many firms are unaware it is not just their relationships with EU customers at risk from a no deal Brexit, but relationships across the globe. Individual businesses trading with markets outside the EU would face tariffs worth millions of pounds being slapped on them instantaneously. These trade deals span five continents and are vital for the smooth export of our goods and services."

– Richard Tunnicliffe, CBI East of England Regional Director