Trading bloc would suffer more in lost output than thought, although lack of trade deal would cost UK around £125bn
A no-deal Brexit would cost the remaining 27 EU nations €112bn (£99.5bn) in lost economic output, according to research by a UK-based thinktank.
Although the UK would still be the biggest loser from crashing out of the EU single market and customs union without a new trade deal – with a cost to the economy of £125bn by 2020 – the EU would also suffer a bigger economic hit than previously thought by the end of the decade, according to the consultancy Oxford Economics.