World Trade Organization (WTO) Director-General Roberto Azevedo attends an interview with Reuters at the premises of the Senate in Mexico City, Mexico April 4, 2019. REUTERS/Luis Cortes
MEXICO CITY (Reuters) – If the United Kingdom leaves the European Union without a deal it could have “very significant” costs for some parts of the British economy, Roberto Azevedo, Director-General of the World Trade Organisation (WTO), said on Thursday.
The British government is scrambling to find parliamentary consensus over the terms of its departure from the European Union ahead of an April 12 deadline, prompting warnings from some officials that the risk of a no-deal exit is increasing.
Azevedo said in Mexico City that economists were best placed to estimate the potential impact of a no-deal Brexit, which would leave the British economy trading on WTO rules.
“But I would say there will be costs, and the costs may be very significant in some sectors, and maybe less significant in other sectors. But overall, there will be an