If the UK fails to strike a trade deal with the EU chaos will follow. 

Huge, snaking 10 mile-long tailbacks of trucks at Dover waiting for customs clearance will be the most visible consequence of a no deal. But there will be a million other downsides.

Such as the future of the UK itself.

Next May there are elections to the Scottish Parliament in Edinburgh which the Scottish Nationalists are widely expected to win. They will immediately press for another referendum on independence - which only the Westminster Parliament has powers to grant. But the Scottish Parliament could, perhaps, hold an "advisory" referendum.

Imagine the turmoil and turbulence that would unleash.

The UK will seal a deal with the EU. Or I shall eat my hat.

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From the Guardian: What will change from 1 January 2021

Update on 24 December 2020: From the Guardian: UK and EU agree Trade Deal and the timeline on Brexit.