No-deal Brexit: What does it mean for the UK and the world?

London CNN — As the British government ramps up contingency plans for leaving the European Union without a negotiated deal in place, prominent Brexiteer Jacob Rees-Mogg stated on Twitter that such an outcome “is not the end of the world.” Many responded that “not the end of the world” falls somewhat short of the utopian promises made by the leave campaign during the 2016 referendum. “Things can be done like fast-tracking insulin and food that goes off –that kind of thing you could hopefully do – and fast.” To soften the blow, the European Union proposed this month it would only allow British trucks to carry goods into the bloc – but that provision will end after nine months and will need approval by the European Parliament and the 27 countries remaining in the EU. Dan Kitwood/Getty Images Economic implications The government published a report in November that said leaving without a deal would result in the UK economy being 7.7% smaller 15 years after Brexit. The National Farmers’ Union warned in September that a no-deal scenario “would have devastating impacts for British food and farming.” According to their statistics, up to 65% of Britain’s agriculture exports go to the EU. The European Commission said this month that most of the UK’s financial sector would be cut off from the EU market in the event of no deal, Reuters reported.