Brexit

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According to the Conservative government’s economic impact assessment of a no-deal Brexit on business and trade, over a 15-year period the economy will be between 6.3 per cent and 9 per cent smaller than it would have been compared to continuing as an EU member. This estimate does not account for any short-term disruption from a disorderly no-deal Brexit which could occur this October – in that case, the downside is likely to be far worse. At the time that government assessment was produced in February, it found that there was little evidence that businesses and individuals in general were properly preparing for a no-deal scenario – this still appears to be the case. To put this in context, around 240,000 UK businesses that currently only trade with the EU would need to interact with customs processes for the first time and quickly adapt to a changed trading environment.

 Brexit: Johnson, Raab and Javid are advocating financial ruin by promising a no-deal

If you think Brexit was all about restoring Parliamentary sovereignty, think again:

Esther McVey has become the second Tory leadership hopeful this week to say they would shut down parliament in order to secure a no-deal Brexit. Known as proroguing parliament, the process is a way of bringing a parliamentary session to an end prematurely, as happens during a general election, allowing the government to enact its wishes without MPs having a say.

 Tory leadership: Esther McVey threatens to prorogue Parliament to trigger no-deal Brexit | indy100

Many UK businesses "are not even close to being ready for a no-deal" Brexit, figures seen by Newsnight suggest. In February, HMRC launched the Transitional Simplified Procedures scheme, aimed at easing imports in the event of the UK leaving the customs union and single market abruptly. Less than 10% of the firms estimated to require the status had applied for it as of 26 May, Newsnight has found. HMRC said it had plans to ensure "as many traders as possible are ready". The Transitional Simplified Procedures (TSP) would allow UK firms to import goods from mainland Europe without filling out new customs declarations at the border. UK businesses would also be allowed to postpone the payment of import duties for one year. But figures show that only 17,800 firms had applied for the TSP as of 26 May. That's less than 10% of the total of 240,000 firms estimated to require the status by 31 October, when the UK's latest Article 50 extension is due to expire.

 Brexit: UK firms 'not even close to ready' for no deal - BBC News