How damaging would a 'no-deal' Brexit be?

The UK's decision to leave the EU has created huge uncertainty over what sort of trade agreement we might have with the bloc in the future, and the resulting tariffs that UK firms can expect to pay in order to export to the EU. Meredith Crowley, Giancarlo Corsetti, Oliver Exton, and Lu Han (Cambridge University) explain how damaging a 'no-deal' scenario would actually be.