Under this scenario, British services companies would no longer be able to operate freely across the EU, as they do now. Many would be forced to open new offices in Frankfurt or Paris, shifting jobs and economic activity. And manufacturers and farmers would face crippling new tariffs on products they sell to the EU, from 10% on cars to 40% on lamb. This would price our products out of the European market. The upshot would be fewer exports, less wealth being created, higher unemployment, and lower tax receipts. A poorer Britain, grappling with an astonishing black hole in the public finances.