Leaked Treasury report warns of painful 'economic shock' if Britain crashes out of the EU without a deal

Theresa May’s “Plan B” if she fails to reach an exit deal with the EU would be “the alternative to membership with the most negative long-term impact”, according to an unpublished Treasury document leaked to The Independent. It warns that reverting to World Trade Organisation (WTO) tariffs would cause “a major economic shock to the UK, with serious consequences for companies, consumers, jobs and prices” – including a 2.9 per cent rise in food prices. 

Although some of these arguments featured in the EU referendum campaign, Treasury officials drew up the 36-page report to provide “further detail” for ministers

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