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News emerging about our planned tariffs after a no deal Brexit. Sounds like a very bumpy ride ahead. (And expensive cars!). Hopefully the full document will come out soon.
And of course, if the UK's default position is zero tariffs on most sectors (which must be applied to all WTO members under Most Favoured Nation clause) then the incentive for other countries to do trade deals evaporates, because there aren't any tariffs to eliminate.
Another problem is that we're only talking about OUR tariffs. UK exports will still be subject to applicable tariffs, so "Made in the UK" is about to mean "very expensive", devastating exporters. And since nobody will want to do trade deals, that will become the new normal.
To sum up... A no-deal Brexit means:
- expensive cars, meat, cheese etc. for UK consumers
- little prospect of serious future trade deals
- UK exports subject to WTO tariffs, with little prospect of relief
A triple whammy that leaves us much poorer, weaker and less competitive.
- expensive cars, meat, cheese etc. for UK consumers
- little prospect of serious future trade deals
- UK exports subject to WTO tariffs, with little prospect of relief
A triple whammy that leaves us much poorer, weaker and less competitive.
None of the above is "project fear". It all falls directly out of the tariffs we are choosing to set for ourselves (a sovereign decision - fancy that!) and out of the way the WTO operates. (Quick primer on WTO below, if you need a refresher...)
