It would seem the Government’s Chequers proposal is quickly running out of life. Brexiteers, Remainers and the EU are all struggling to accept the Government’s position because it surrenders British control to Brussels and still manages to undermine the European Single Market.
The British public have constantly been told that “no deal is better than a bad deal”, yet now the Government is faced with the prospect, they seem to view no deal as a painful and unacceptable option. This firstly breaks the golden rule of any negotiation, where both parties should be willing to walk away, and undermines the opportunities available to Britain in a no deal scenario.
Today, in a House of Commons committee room, respected think tank, Economists for Free Trade, released a report that aims to counter the “widespread ignorance” about what leaving the EU and trading on WTO terms would entail.
The 22-page report, which can be found here, argues that the UK can prosper if it leaves the EU without a deal and has to trade on World Trade Organisation terms.
A world trade deal under WTO rules would boost the UK’s trade with the rest of the world including Europe, lower domestic prices and boost inward investment, says the report produced by Economists for Free Trade (EFT).
It would also provide a significant uplift in UK economic growth over the next 15 years, raising Treasury revenues by £80 billion, enabling a combination of higher public spending and lower taxes.
In addition, if the EU insisted on slapping WTO tariffs on British exports and Britain responded in kind, because of the large EU trade surplus with the UK, the overall effect would amount to a staggering £13 billion a year boost to UK revenues.
If “no deal is better than a bad deal” and the Chequers proposal is a bad deal, then its time for us to face the realities of what a no deal Brexit looks like. The truth is, leaving with no deal is not something to fear, but something for us to embrace; it will allow us to take back full control of our money, our laws and our borders. If we are to have a positive future ahead of us, we must leave the EU properly.