, 4 tweets, 2 min read Read on Twitter
Reminder: you're likely to hear a lot of guff today about trading on WTO terms (or, heaven forbid, a "WTO Brexit" which is exactly like saying "a unicorn"). The reality of WTO trade is very different from how Brexiters portray it.
You may well also hear assurances that we will be able to fix our tariffs at 0% for 10 years after we leave the EU, because of handwavium (ok, GATT might get a mention, perhaps not). That too is wrong.
medium.com/@jim_cornelius…
It's ok to have your reasons for wanting Brexit. But expecting trade on WTO terms to yield anything other than huge economic pain (latest estimate > 8% hit to GDP, i.e £100s of billions) is just absurd, patently ridiculous. No matter how many times Brexiters lie the opposite way.
Remember, the WTO is where we end up as a very last resort if we don't manage to strike any deal at all. In jumping-out-of-a-plane terms, it's the ground. We'll definitely hit it. But the experience is probably not going to pan out particularly well.
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