No assessment done yet of economic implications for UK of leaving EU without trade deal

No assessment of the economic implications of leaving the EU without a trade deal has been undertaken by the UK Government since last year's referendum, Brexit Secretary David Davis has said.

Mr Davis confirmed that leaving under World Trade Organisation rules would mean tariffs of 30-40% on agricultural exports and 10% on cars, the loss of EHIC health insurance cards for travellers and passporting rights for financial sector firms, as well as departure from the EU-US Open Skies arrangements for air transport.