GETTY Germany are set to face tariffs of £3.4billion if no trade deal can be secured after Brexit

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British firms would face a lower bill of just £5.2billion – adding weight behind the argument that it’s in the EU’s best interest to dish out a favourable trade deal with the UK. According to Civitas, all but five of the 27 EU states would face more tariffs on exports to the UK than British firms would pay to send their goods into the continent.

German companies would be hit hardest by potential tariffs, facing costs of £3.4billion under World Trade Organisation rules. In comparison, British companies sending goods to Germany would only pay £0.9billion in tariffs. Cabinet minister Chris Grayling claimed free trade deals with the EU must be finalised when Britain finally triggers Article 50.

GETTY There has been protests about proposed EU trade deals across the bloc

The Transport Secretary told the Times: “We want the Canadian deal to be done, it is in the interests of everyone on both sides of the Atlantic that that happens. “I think there is a very different question with our relationship with the European Union. We are their most important export market… Nobody in continental Europe benefits from a reduction in the ability to trade with the United Kingdom. “I have always been convinced that we will have tariff-free trade, we will have sensible trading arrangements, because it is in both of our interests that should happen.”

EU summit 2016: EU leaders meet Fri, October 21, 2016 EU Leaders meet to discuss migration, trade and Russia, including its role in Syria, it will be also the first summit attended by new British Prime Minister Theresa May. Play slideshow AFP/Getty Images 1 of 29 Italy's Prime minister Matteo Renzi (L) speaks with Luxembourg's Prime minister Xavier Bettel during the second day of an European Union leaders summit

His remarks come after the EU’s free trade deal with Canada collapsed after the Belgian regional parliament in Wallonia blocked the deal. Banks based in Britain are said to be contemplating about moving staff abroad before Christmas as fears mount about the possibility of a hard Brexit, which would detach Britain from the single market. Head of the British Bankers’ Association Anthony Browne said EU politicians may seek to crush Britain’s flourishing finance sector. According to Mr Browne, small banks would begin to move before the end of the year while larger banks could follow suit in early 2017.

GETTY British goods heading to Germany would only pay £0.9billion in tariffs