Hard Brexit would cost us £500m a year, says oil and gas industry

The Guardian, today:

Brexit would land the oil and gas industry with a half-billion-pound bill if EU exit talks end with the UK leaving on World Trade Organisation rules, Theresa May has been warned.

The costs for trading £73bn worth of oil and gas annually would jump from £600m a year now to £1.1bn in a worst case WTO scenario, analysis [by EY] for the industry trade body found.

At best, if the UK could strike more favourable tariffs with non-EU countries, the cost of trade might fall to £500m, Oil and Gas UK said.

The trade body also argued that post-Brexit freedom of movement should not be curtailed in a way that would put the industry at a “competitive disadvantage” with other countries. About 10% of the UK oil and gas sector is from outside the country, slightly above the national average.

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