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More reasons on why leaving the EU without a deal won't work

Leaked Treasury report warns of painful 'economic shock' if Britain crashes out of the EU without a deal
Its language is stronger than that used in the Treasury’s published, and publicly available, analysis of the long-term impact of Brexit...
The report describes the WTO’s coverage of services, which account for almost 80% of the UK economy, as “out of date, based on a set of commitments that are 20 years old. It lacks the ambition the UK’s modern economy needs.“ It argues that, without a trade deal, the EU would have no scope to lower tariff rates for the UK without cutting them for all members of the 164-nation WTO.
“After we left the EU, we’d need to renegotiate the terms of our WTO membership,” the document, drawn up a month before the referendum was held, says. “This would trigger bureaucratic negotiations with other WTO members, lasting for months or years …This could be a very complex exercise involving a review of every tariff line – over 5,000 – to determine what rate the UK wished to apply.”
Although Britain could lower tariffs on EU imports to soften the blow of rising prices, it would have to reduce them by the same amount on all imports from WTO members. “This would put the UK in a weak position if we wanted to negotiate trade deals to secure more market access for UK exporters – other countries might avoid coming to the table if we’d already opened up access to our market.”

http://www.independent.co.uk/news/uk...-a7624706.html