Brexit trade costs will be 'material' deal or no deal -Deutsche Bank

Deutsche Bank analysts estimate that the costs to trade between Britain and the European Union will be high even if the two sides manage to strike a deal by the end of the year because of the impact of non-tariff barriers.

"Tariffs make up only a small part of the direct trade cost from leaving the EU," the analysts wrote in a note.

"Of more significance is the prevalence of non-tariff barriers. These will weigh on trade regardless of whether the UK and EU trade on preferential terms or not," they said.