Channel 4 economics correspondent describes the consequences of a No Deal exit.

Slashing tariffs to zero on the majority of UK imports in the event of a no-deal Brexit will be a “sledgehammer for the economy” and deliver a widespread shock across the country, business groups have warned.

Mr Raymond was responding to claims published by economist Patrick Minford, who predicted a benefit to the country of £135bn from a “hard Brexit” that eliminated tariffs, and a report from the Institute of Economic Affairs recommending a policy of unilateral free trade once the UK leaves the EU.

But minister says measures would only be implemented if Britain was on course to crash out of EU.

Dmitry Grozoubinski, a former diplomat and trade negotiator at the World Trade Organisation, and Shanker Singham from the Institute of Economic Affairs, whose work is often cited by Brexiteer politicians, discuss tariffs.

The Department for International Trade (DIT) intends to cut 80-90% of all tariffs imposed on goods imported into Britain, according to Whitehall sources.

Tory Brexiteer Mark Francois debate a former international trade negotiator on television and tried to put a positive on no-deal Brexit tariffs hitting the car industry by saying 'at least it would be our choice'.

Proposal branded ‘ultimate betrayal’ – because it would unilaterally open up UK markets to cheaper goods from across the world.

Labour says the government "fiddling while Rome burns" as business groups complain they were ignored.

"In a stroke of a pen, the Department of International Trade could kill off one of our oldest and proudest industries."

Jacob Rees-Mogg has put his name to an “Economists for Free Trade” (EfT) report claiming a no-deal Brexit would bring a £1.1 trillion boost to the British economy over the next 15 years. This is pure fantasy. The overwhelming consensus amongst economists is that quitting the EU with no deal would be a disaster on a truly magnificent scale.

This week on the Brexit podcast for the reality-based community… The “staggering economic illiteracy” of Brexit cheerleader Prof Patrick Minford. Will civil servants come to Britain’s rescue? Why the European Free Trade Association Court is “less boring than it sounds”.

British businesses fear the move could ruin their industries.

'For at the same time as attempting to relegate Brexit to distant memory, the government is also claiming all kinds of benefits from “having left the EU”.'

Although his plans for citizens' juries to sort out Brexit are interesting, we’ve got our issues with Rory Stewart. But take a listen to him trying to talks sense into a typical “WTO, let’s go“ hard Brexiter on the BBC’s World At One, and your estimation of him will rocket.

The possibility of the UK leaving the European Union (EU) has generated an unusual degree of consensus among economists. Acrimony and rancour surrounded debates around austerity and joining the euro, but analysis from the Bank of England to the OECD to academia has all concluded that Brexit would make us economically worse off.

A few days back, Tim Martin appeared on Question time. A 1-min clip of his performance has gone viral on Twitter. So error-packed was that one minute, that we should take the time to dissect it to bits...

But cabinet colleague Greg Clark said government must "defend" industries from foreign competition.

British goods face tariffs of up to 60 per cent while many imports won't be charged any under latest Tory plans.

Andrew Percy attacks ‘cack-handed’ move to scrap import tariffs if UK crashes out in October – triggering Ottawa’s refusal to ‘roll over’ existing EU deal.

Tariffs will be cut to zero on 87% of imports to the UK as part of a temporary no-deal plan but prices of some imports including meat, shoes, underpants and cars will go up.

It may be time for the UK to consider the possibility the German car industry might not be riding to the rescue.