What a no-deal Brexit and trading on WTO terms really means

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The UK and the EU are entering into a key phase of negotiations in terms of their future trading relationship and, as things stand, it is quite possible that no agreement will be reached on a free trade agreement (FTA), which would mean a hard Brexit with trade between the UK and the EU being conducted on WTO terms.

One of the outcomes of a hard Brexit will be that many goods imported from or exported to the EU will be ...