A “No Deal” Brexit could cost Yorkshire billions of pounds over the next 15 years, according to a report from the Confederation of British Industry (CBI).
The CBI has released figures saying they expect the Yorkshire region to be hit hard if Britain leaves the EU on 29 March without a trade deal.
If the UK fails to secure a deal, the Gross Value Added (GVA), a measure
of goods and services produced in a region or industry, could be nearly 10% lower in the county.
This could amount to an annual loss of output of over £12 billion by 2034.
John Sutcliffe, CEO of Sheffield based Henry Boot PLC, commented on the tariff complications if no trade deal was agreed.
He told CBI: “As one of the largest food producers in Britain, we import a wide selection of food and supplies from Europe.
As an importer of other food products from across Europe – from olives to cheese – these tariffs would impact our business on both an administration and cost level.”
Henry Boot, a construction and property development business, was established in 1886 in Heeley. The company still operates from Ecclesall Road today, with regional offices across the U.K.
Nick Patrick, International Trade Manager at South Yorkshire International Trade Centre (SYITC), believes the impact of Brexit will have a major effect on how the UK imports and exports goods.
He said: “The world of International Trade, global movement of goods and the way it has been done is changing very, very rapidly.”
Prime Minister Theresa May is facing growing pressure to delay Brexit until a deal can be agreed.
Dutch PM Mark Rutte today told the BBC that Mrs May was “sleepwalking into a no-deal scenario” and needed to “wake up”.