WTO rules would be completely disastrous. WTO only deals with goods, and the UK is overwhelmingly a service economy, and even in goods you have significant tari

WTO rules would be completely disastrous. WTO only deals with goods, and the UK is overwhelmingly a service economy, and even in goods you have significant tariffs (10% on cars for instance, which is a major UK industry). Projections I read in the FT for a return to WTO trading are for a 3-7% fall in GDP, which is not far off the scale of the 2008 recession. Thank god it won't be nearly as bad as that. I'd actually say comparing to WTO was an element of the genuine scaremongering of the remain campaign, because almost certainly there will be some bilateral deals done regardless, to protect existing supply chains integrated into European companies.