Yes. However, the assumption is that the UK would be the bigger loser, because the EU's size would allow it to easier deal with the lost trade. I think that's true, but I think it's overstated by some. This isn't a broke-*** poor country like Bulgaria leaving. It's the UK. They're a major player and have enough money to be a big consumer market. In fact, the EU has a trade surplus with the UK.
The EU has to play hardball for obvious reasons. However, if the UK left under WTO rules, the EU would come to the bargaining table after the political storm died down. And again, it would help the UK a lot if it had a big trade deal with the US already in the bag. I don't know what the status of that is, but Trump's people should be working on it hard.
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Last edited: Dec 14, 2018