Companies in the United Kingdom and the European Union face an extra £58 billion ($80 billion) in annual costs if there is a no-deal Brexit, with the U.K.'s vast financial sector set to be the worst-hit industry, according to a report issued Monday.
Firms across the EU's 27 countries other than the U.K. will have to pay £31 billion a year in tariff and nontariff barriers if the U.K. leaves the bloc without a deal, the report by Oliver Wyman management consultants and law firm Clifford Chance said.
In return, U.K. exporters to the EU will have to pay £27 billion a year.
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