Failing to reach a trade deal with the European Union would be more costly for the U.K. than dealing with the coronavirus pandemic, Goldman Sachs economists have warned.
The U.K. government has over the last week challenged previous commitments with the European Union, increasing the odds that both sides will not manage to put a trade agreement together before the end of the year.
The EU and the U.K. have said they remain in close contact and their plans to have another round of trade talks at the end of the month are still on the table.Leon Neal | Getty Images News | Getty Images before the end of the year. This "no-deal" outcome would result in higher costs for exporters on both sides.
"We are sceptical of the argument that the sheer scale of the economic fallout from Covid-19 will obscure the economic impact from a breakdown in Brexit negotiations," they said in a research note Monday.
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