A no-deal Brexit is the withdrawal of the United Kingdom (UK) from the European Union (EU) without a withdrawal agreement. Under article 50 of the Treaty on EU, the Treaties of the European Union cease to apply once a withdrawal agreement is ratified or two years have passed since a member state has indicated its will to leave.
The two year period can be extended by unanimous consent of all member states, including the one wishing to leave.
Without such an agreement in place at the end of the period specified in article 50 Treaty on European Union, EU law and other agreements would cease to apply to the established interactions between the UK and the rest of the EU.
Additionally, UK interactions with non-EU countries, which until now have been governed by EU agreements with those countries, may need to be renegotiated.
Short-term (90-day) cross-border travel for tourism is expected to continue as at present, albeit with some inconvenience to aviation schedules.
While trading of goods (though not services) could continue to operate under World Trade Organization (WTO) most favoured nation rules, some significant disruption to established trade flows is anticipated and the UK and the EU have prepared agreements and (short-term) understandings for the more serious risks anticipated to arise.
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