The Rand Corporation report found a no-Brexit deal would cost the UK nearly five per cent of its overall GDP – around £104bn – over the course of ten years after Brexit.
Charles Ries, the corporation's vice-president and one of the authors of the report, said: "The European single market is essentially friction-free trade in goods and services.
"There is no inspection across the border, the same standards and conformity assessment practices everywhere.
"So not having all those things will affect the British economy." Express.
