The government says this can be avoided by exchanging United Kingdom driving licences before 29 March 2019.
'We still think the United Kingdom and the European Union will eventually reach an agreement to preserve many - but not all - of their current trading arrangements, particularly around trade in goods, ' said Colin Ellis, Moody's chief credit officer and co-author of the report.
In an interview with BBC Political Editor Laura Kuenssberg, the Brexit secretary said the government was trying to give the "reassurance that consumers need" on the issue of mobile phone roaming charges but admitted that European operators could pass on charges.
In the scenario of a no-deal Brexit, it is widely believed that there would be risks and some short-term disruption.
In what the Guardian described as the most comprehensive study of the impact leaving the European Union will have on the region, researchers found that Brexit was seen as "manna from heaven" for pro-Republic party Sinn Fein who aspire to see a unification of Northern Ireland with Ireland.
Come March 29, 2019, though, that could all change.
Brexit minister Dominic Raab said a no-deal Brexit was unlikely, but that the United Kingdom would manage the challenges and eventually flourish.
More mosquitoes with West Nile Virus found in southern Indiana
A central MS county is reporting its first case of West Nile virus , bringing the state's total to 31 cases so far this year. Those include 37 birds in Yolo County (including 11 in Davis) as well as 87 mosquito samples.
The government is advising British drivers that they may need to get an International Driving Permit, which they would have to carry alongside their United Kingdom licence, to keep driving in the EU.
But a technical paper released by the Department for Business, Energy & Industrial Strategy (BEIS) went further, warning the United Kingdom would "no longer play any part in the development of Galileo" or the related European Geostationary Navigation Overlay (EGNO) system.
Mr Russell also raised concerns about driving licences.
The Road Haulage Association has warned it will take "an average of about 45 minutes to process one truck on both sides of the channel" if customs checks are put in place.
Finally, the United Kingdom government has warned that United Kingdom participation in the EU Space Surveillance and Tracking (EUSST) programme, kicked off in 2014, will also be at risk.
The UK government said in the notice that companies now involved in Galileo, Europe's rival to the United States GPS programme, may face difficulties completing their existing contracts and should contact authorities to try to ensure they can comply with the conditions of their contracts.