It does make you wonder what would happen if the overwhelming choice of the voters in a 2nd vote was to leave on WTO terms, how they would attempt to get out of that one. My thoughts are that the question would make that impossible to happen Do you think the UK should Stay in the EU? Not leave the EU?
That’s a no deal. The scenario nearly every politician thinks is a catastrophic disaster. Interesting to see it if allows it. The UK is currently preparing and issuing its draft schedules to the WTO for approval. In order to have the schedules approved as soon as possible, it is merely replicating the agreements we currently have with the WTO through our membership to the EU. And so if GB wishes to trade with any member of the WTO then until it formulates a trade deal with thst member, it trades on exactly the same basis as it does now, which is exactly the same basis as every other EU member state. If GB wishes to trade with any member of the WTO, then until it formulates a trade deal with that state, it trades on exactly the same basis as it does now through the EU. Doesn’t bode well. This week, only this week, the UK submitted to the WTO submitted its proposal for services.
Sounds good - so what you are saying is we have to trade with the EU on the same basis we do now until we have formulated a trade deal with the EU, very interesting
It depends on the levels of tarriffs and so on set on each good imported and exported and an overall balance between the two - export and import (as to whether it works out good or bad - it depends on what you sell and buy as a nation.) The EU trades within itself without tariffs (and to other nations outside the EU with which it has a trade deal. Britain loses 45% of its trading on a free trade basis and ends up trading with the rest of the world in competition with the EU.
The general feel of your original post was that we would carry on as we are now, then you said it didn’t bode well. To me that means leave the EU and make better deals. Yes, I still think that may be the ‘we tried really really hard but it just can’t happen’ excuse.
I suspect once the U.K. goes to wto/free trade, it won't be a stumbling block for the eu either. The "irish issue" was always last card for the eu, if we go to wto/free trade then using it achieves nothing let alone the purpose the eu sought to use it for.
But your words say we remain as we are until new deals are done? Surely that means we remain ‘free trade’ with the EU, your words said it was so?
Possibly, but in what time scales? How long? Because no-one’s telling. Liam Fox hasn’t had a sniff of one of his 40 yet.
