Explainer: What might a 'No deal' Brexit look like?

Trade chaos, tumbling financial markets and huge economic costs.

As Britain and the EU try to reach a Brexit deal, here’s what a ‘No deal’ is likely to look like.

Britain would lose zero-tariff and zero-quota access to the European single market of 450 million consumers - overnight.

New tariffs will be imposed on both sides – with prices widely expected to rise for British consumers and businesses.

Borders risk disruption; Britain expects thousands of trucks to stack up, with delays of up to two days.

That could lead to food shortages - as it imports 60% of its fresh food.

No deal is forecast to wipe an extra 2% off British economic output in 2021, drive up inflation, unemployment and public borrowing.

It could cost the EU as much as 33 billion euros in annual exports, with Germany, the Netherlands and France hit the hardest.

A ‘no deal’ would be felt sharply by the car industry on both sides.

British automakers face a 10% tariff on all car exports to the EU – according to industry associations.

Those costs would almost certainly be passed on to consumers.

Without a trade deal, the divide between Britain and Northern Ireland would become more distinct.

Northern Ireland would likely still follow many of the same EU rules

– making it a possible back door into the EU’s single market.

That could mean the need for a hard border on the island of Ireland.

Something both sides are trying to avoid.

Both sides would be likely to blame each other for any chaos.

Britain would be left far more dependent on its alliance with the United States.

And the EU would lose one of its leading military and intelligence powers, its second-largest economy and the only financial capital to rival New York.