Research shows that the British economy is now 2.5 percent smaller than it would have been if the referendum voted to stay in the European Union.
All this leads to a penalty of £500 million ($651 million) a week, and this number continues to grow, the report says.
UK Prime Minister Theresa May said on September 21 that London would continue to prepare for a no-deal Brexit after an informal EU summit in Salzburg, which was held on September 19-20, failed to produce a compromise on the format of the post-Brexit economic partnership between London and Brussels, and the Irish border.
In June 2016, the United Kingdom voted in a referendum to leave the European Union and is expected to do so by March 29, 2019. However, both London and Brussels are concerned over a possible no-deal Brexit scenario, as talks on post-Brexit arrangements are hindered by a number of thorny issues, including customs arrangements.