Who’s afraid of no deal?

How bad would a no-deal Brexit really be? This is now perhaps the most important question in politics, and the one provoking greatest disagreement. The answer will help decide whether parliament allows Brexit to happen, and whether Tory MPs bring down their own government. If they think calamity would follow, patriotic rebels might risk a general election to stop the Tories. But what if it would not be so bad? And is there any way of finding out?

Almost everyone accepts it will cause problems, but views range from manageable to ‘national suicide’. It is difficult to predict complex events without historic precedent, but there are other reasons for the divergent views. The first is that there is not a single ‘no deal’, but a whole spectrum. Leaving the EU with no deal (and no preparation) would indeed be ‘crashing out’. But leaving with no deal in, say, 2022, with government and business having prepared meticulously for three years, would be less dramatic.