LONDON (Reuters) - Leaving the European Union without a trade deal would cost Britain at least $ 16 billion in export losses and is likely to cost far more when calculating indirect effects, a report from the United Nations Conference on Trade and Development (UNCTAD) said on Tuesday.
The losses were equivalent to a loss of about 7 percent of Britain's total exports to the EU, the report said.
He added that these losses would increase much more due to measures other than duties and border restrictions and the consequent disruption of existing production networks between Britain and the European Union, according to Reuters.
Retail sales in the UK fell 0.5% last month due to weak non-food sales, data from the British Retail Consortium and KPMG Management Consulting and Accounting Services showed on Tuesday.
"For the bulk of the retail market, it is becoming clear that the focus is on maintaining the situation, not growth, in a climate of uncertainty," said Paul Martin of KPMG.
Martin said that with a review of budget spending, the prospect of Brexit and the possibility of early general elections in Britain, what is certain to happen in the coming months is more uncertainty.
Other losses
The pound will fall to near its lowest level since 1985.
The British currency fell below the $ 1.20 threshold, amid political uncertainty in the country as the Brexit approached and the possibility of early elections.
Economic and political uncertainty, as well as global trade tensions, have weighed on the performance of British factories over the past month. Britain's manufacturing PMI fell to 47.4 in August, down from 48 the previous month, the lowest reading since July 2012.