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The Center for Economics and Business Research study notes every major sector, from manufacturing and energy to retail and services, would be negatively affected if the British government pursues a so-called hard Brexit and leaves the single market and customs unions.
Prime Minister Theresa May has indicated she prefers a “sectoral” approach whereby the government negotiates new free trade agreements for individual industries. The notion is a “simplistic fantasy,” Conservative MP Anna Soubry said in the report.
“Every major sector of our economy is linked to the single market and could be harmed through an arrangement that prioritizes one sector over another,” said Labour MP Chuka Umunna.