[BenMcr]

This report is from late 2016 / early 2017

https://publications.parliament.uk/p.../1077/1077.pdf

House of Commons Foreign Affairs Committee

Article 50 negotiations: Implications of ‘no deal’

58. It is possible to envisage scenarios in which ‘no deal’ might be better than a bad deal, as the Government has suggested; such as, for example, if the eventual proposed agreement only involves payment of a large sum to the EU in settlement of UK liabilities, with no provisions for any preferential trade arrangements or transitional arrangements towards a mutually beneficial future relationship.

It is clear from our evidence, however, that a complete breakdown in negotiations represents a very destructive outcome leading to mutually assured damage for the EU and the UK. Both sides would suffer economic losses and harm to their international reputations.

Individuals and businesses in both the UK and EU could be subject to considerable personal uncertainty and legal confusion. It is a key national and European Union interest that such a situation is avoided.