The moment the UK leaves the EU, and does not have trade agreements. Trade stops. EU citizens that work in UK need to leave and there is considerable economic damage on both sides. It would basically be No-Deal like for the negotiation period (1/2)
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The UK could not even trade under WTO rules in that period because the UK WTO membership is via the EU and rejoining is not that easy see: http://www.cityam.com/267128/members-block-uks-bid-fast-track-its-post-brexit-entry-into …,https://www.theguardian.com/world/2018/oct/26/russia-brexit-liam-fox-wto-plan-uk …
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