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These five industries will get slammed by a no-deal Brexit

Alanna Petroff
Senior Economics Correspondent at Yahoo Finance UK

There are five key industries that would be most hurt by a no-deal Brexit, according to Andy Baldwin, a managing partner at EY in charge of Europe, the Middle East, India and Africa.

Financial services, life sciences, agriculture, automotive and tourism are the five most vulnerable industries if the UK leaves the European Union with no divorce deal and no transition period, he said.

His comments were made during a special one-to-one video interview with Yahoo Finance UK at the World Economic Forum (WEF) in Davos, Switzerland.

READ MORE: What is a no-deal Brexit?

“Financial services is actually very well prepared for a hard Brexit. A lot of work has taken place over the last two years,” he said. “I think the other sectors are probably a little bit further behind because they were hoping there would be some form of compromise agreement reached.”

British carmaker Jaguar Land Rover has struggled in the face of Brexit uncertainties. Photo: Simon Dawson/Bloomberg/Getty

Businesses and European governments have begun triggering their Brexit contingency plans.

Carmakers Honda ( HMC ),  Mini and Rolls-Royce are also temporarily shutting down their factories in the days after the Brexit deadline on 29 March, in an effort to cope with any potential disruptions.

Roughly 44% of all UK exports go to the EU each year, and more than 50% of its imports come from the bloc.

no-deal Brexit  would see the UK leave the EU without any new formalised arrangements covering crucial issues including  trade , migration, border control and even  flights  across the English channel.

READ MORE: Coverage from the World Economic Forum

READ MORE: UK auto sector braces for bleak 2019