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No-deal Brexit will cost £22bn a year to compensate businesses, landmark analysis reveals

The cost of compensating UK businesses for a no-deal Brexit will reach £22bn a year – more than half of England’s schools budget – a landmark analysis of the impact of crashing out of the EU has found.

The study, seen by The Independent, warns that industries including cars, chemicals, textiles and aircraft, as well as much of agriculture, would all need hefty bailouts from punishing new charges.

Its findings were immediately condemned as “shocking and devastating” by one former Conservative cabinet minister, who urged fellow MPs to rise up to stop no deal.

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