Brexiter big beasts Boris Johnson, Jacob Rees-Mogg, David Davis and Iain Duncan Smith were among a slew of MPs to endorse a new report claiming the UK could be as much as £1.1 trillion better off under a so-called "World Trade Deal". The report, by the pro-Leave Economists for Free Trade, was launched by Rees-Mogg alongside EFT chairman and economist Patrick Minford and senior lawyer Martin Howe. It claims that under a no deal scenario the UK's economy would receive a £1.1 trillion boost over 15 years, thanks to benefits such as food prices falling under abolished tariffs. Ahead of the launch Rees-Mogg, who heads up the European Research Group, noted that exports from non-EU states had grown four-times the pace of the UK, despite being excluded from the Single Market. "Let Brexit mean Brexit and let us flourish under the auspices of the WTO," he said. Speaking this afternoon, the North East Somerset MP added: "We have nothing to fear except fear itself." After that, … [Read more...] about Brexiter big beasts herald Economists for Free Trade report
Tariff free trade
FORMER Brexit Secretary David Davis is poised to throw his weight behind a fully-fledged alternative to the government’s Brexit strategy as part of a major intervention ahead of the Conservative party conference. City A.M. understands the pro-Brexit big-hitter, who resigned in the wake of Theresa May’s Chequers plan, will endorse detailed proposals for an advanced free trade agreement currently being compiled by a team of Westminster trade experts and lawyers. Davis has been highly critical of the Chequers plan, claiming it would be "almost worse than staying in the EU". May's proposal, named after her official country residence where she presented it to her cabinet, would see the UK remain closely aligned to Brussels on goods and regulation. It is widely unpopular among pro-Brexit MPs, and Davis's impending intervention is likely to dilute further the already lukewarm support for May's preferred policy. Sources suggest Davis is being lined up to author a foreword to a … [Read more...] about David Davis aims to see off Chequers by backing new plan for Canada-style Free Trade Agreement
Chequers, the Prime Minister's official country residence, was gifted to the nation by Lord and Lady Lee after the First World War. A stained glass window carries an inscription offering “this house of peace...as a place of rest and recreation” for Prime Ministers. Despite this noble intention, it's hard to imagine that Theresa May associates it with peace or recreation, since her preferred Brexit plan, named of the country pile where she presented it to her cabinet, is in urgent need of some political life support and could very well precipitate the collapse of her premiership. Things went wrong from the minute she unveiled the plan. Despite seeming to have secured cabinet agreement, David Davis was the first to go – followed by his junior minister and then the Foreign Secretary. The Chequers proposal, according to the former Brexit secretary, would be “worse than staying in the EU.” Tory Brexiters cannot support it, and now it seems they have unlikely … [Read more...] about If Chequers is dead, a new battle looms: European Economic Area or Free Trade Agreement?
Will new non-EU free trade deals offset the potential costs of Brexit to the UK economy? John Longworth, co-chairman of Leave means Leave and former director general of the British Chambers of Commerce, says YES. Quite apart from the political benefits of Brexit – liberty and self-determination – the economic benefits are vast: better regulation, control over fisheries and farming, the repatriation of our net contribution, and the removal of tariffs which will boost the economy and make food and goods cheaper. With the further advantage of a competitive, post-Brexit currency, exports to the rest of the world will continue to grow. Trade deals covering tariff and – crucially – non-tariff barriers for goods and services will flourish, renewing our relationships with friends old and new, in the Commonwealth, in Africa, in Asia, and in the Americas. Once again, we will be looking to the globe rather than only to the insular and diminishing a EU. This is the icing on … [Read more...] about DEBATE: Will new non-EU free trade deals offset the potential costs of Brexit to the UK economy?
As the operator of Cherry Hill Farms with his five siblings, Rowley is not a huge foreign exporter. But with harvest and sale of those apples just two weeks away, he fears that tons of competing produce meant for overseas consumers will now flood domestic markets instead due to trade barriers, pushing price margins to a breaking point. “I’m worried about the next generation,” Rowley, joined by his 18-year-old daughter Emily, said Friday. “They want to continue, but if these young adults are going to have the same chance to farm that we had, we’ve got to solve some of these problems.” While voicing support for Trump’s broader political agenda, some of the state’s top political leaders and industry advocates are now rallying around Utah growers like Rowley and other exporters, warning of a host of complex and unforeseen economic impacts as new tariffs take effect and targeted countries react in kind. Already reeling from four years … [Read more...] about Praising free trade, some conservative Utah leaders warn that Trump’s stance on tariffs could put farmers, other exporters out of business