The impact on trade in goods would be "grave", United Kingdom ports would be "overwhelmed" by the need for customs checks, and controls would have to be imposed on the Irish land border, the study said.
"It would not just be economically disruptive, but would bring UK-EU cooperation on issues such as counter-terrorism, nuclear safeguards, data exchange and aviation to a sudden halt", the committee said.
The impact on trade in goods would be "grave", United Kingdom ports would be "overwhelmed" by the need for customs checks, and controls would have to be imposed on the Irish land border, the study said. "This will not just be an implementation period, since the agreement on future relations will still be under negotiation, but will begin with a "standstill period", to buy time to finalise that agreement, followed by an implementation or adaptation phase".
Peers argue that the Government should extend United Kingdom membership of the European Union for a limited period, or at least set a withdrawal date much later than March 2019 to ensure a secure legal basis for a transition period.
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The report also expressed concern about the possibility of a "bare bones" deal that covered some basic areas only, saying such a move would be "very bad".
The House of Lords EU Committee said it was actually "difficult, if not impossible, to envisage a worse outcome" than Britain crashing out of Brexit talks without a deal and claims otherwise had not be "helpful" to negotiations.
With the clock ticking down to the March 2019 exit date, the report says the biggest risk factor that there may be no trade deal is the shortage of time.
"While we support David Davis' ambition to secure a comprehensive agreement by 29 March 2019, nearly nobody outside the Government thinks this will be possible".
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The report makes no mention of Johns being DC president, and says Johns still reports to DC president Diane Nelson. Expect all of this to be worked out by January once Hollywood rings in the new year.
"The negotiations may need to continue beyond that point, and enshrining the deadline in domestic law would not be in the national interest".
"If this is the case, both sides will need a transition period".
The EU would also face negative consequences from a no-deal outcome as trade, financial services, and security co-operation would be hit, the report said.
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