It's time we moved on from no deal preparations to no deal plans. Here are some elements. 1/
We should announce at the Budget that we intend to impose tariffs on EU goods at the current EU WTO levels with the exception of food products, for which we would introduce a temporary zero tariffs regime. We would unilaterally recognise EU food standards for the interim. 2/
We should announce at the Budget a £39bn one-off 1 year set of tax cuts. (We would accept US or WTO arbitration on the "divorce bill" longer term.) 3/
These temporary one-year £39bn tax cuts should be split btwn VAT, Corporation Tax & Employers' NI. 4/
The zero tariffs regime on food would apply to all countries. We would focus UK agri support on exposed sectors (ie reorient agri payments). Some of the extra tariff revenues wld add to agri support payments transitionally. 5/
In the 1st 2 yrs we would unilaterally recognise EU product standards as an interim measure - ie we would impose only tariffs not standard-based NTBs to begin with. 6/
