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Tariff Free Trade is Now the Brexit Fashion

4,019 views · Published 12 February 2018 · 9:36 · Indexed 1 November 2026

Channel: Jeff Taylor · 2018 · News & Politics

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More and more people are now saying that a post Brexit UK should go tariff free on international trade.

In one simple move, prices in the UK could plummet for the ordinary consumer.

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When currently importing goods from within the EU into the UK there are no tariffs, but we do pay the equivalent of an average four percent on those goods because of our net contributions to keep the EU machine going.

But when we import goods from outside the EU the importer will pay a Common External Tariff, the cost of which is passed on to the consumer. Now, where does the money collected from those tariffs go - well 20 percent goes to the member state into which the goods were imported to offset the customs costs of collecting it and the other 80 percent goes to Brussels.

Now, imagine a post-Brexit UK where there were no payments to the EU and no import tariffs - the prices of goods sold in the shops would drop.

It would also lower UK production costs for its exports so minimising the impact of any import tariffs placed on UK goods as we export them.

And a new report from the Policy Exchange called "Global Champion: The Case for Unilateral Free Trade", says that Britain should unilaterally eliminate all our remaining tariffs to be a true champion of free trade after Brexit.

Policy Exchange’s Director of Economics and the lead author of the report, Warwick Lightfoot, said:

“Unilateral free trade would reduce the cost of living, boost productivity and demonstrate true moral leadership by helping developing countries access British customers better. Trade liberalisation is a global public good and like other global public goods like international aid or fighting climate change, it needs some nations to take a leadership role; this is what Britain should be doing."

And speaking to the BBC, the outgoing Australian High Commissioner to the UK, Alexander Downer, said that the UK should keep control of it's own trade policy by negotiating unilateral trade arrangements.

Mr Downer is also the incoming chairman of the Policy Exchange and in his foreword to the report he said:

“The argument for economies to be open to free trade is politically more important today than at any time since the 1960s. As advanced economies struggle to raise productivity, the spur to domestic competition that trade provides is arguably more pressing than ever.
 
“Trade is not a zero-sum equation. In the decades ahead all major economies should remove their tariffs and open their markets to competition. As the UK once again takes its place at the WTO it should take the opportunity, lead by example and remove its tariffs. Other economies should follow that example if they want to increase the prosperity of their people.”

Writing about this in the Times, Geoff Raby said that unilateral free trade would reduce consumers' bills and also disarm the threat of a no deal Brexit, and went on to say:

"Free trade would give consumers access to international products such as food, clothing and cars at the cheapest global price, rather than the current artificially high prices that result from EU tariffs."

No tariffs equals no excise paperwork - other than making sure the goods abide by the relevant UK standards.

Now, some people will say, but the EU will still charge tariffs on the stuff we sell them - and they would in all probability be right. But it doesn't mean that the EU has somehow 'won' something, because it is their citizens that will be picking up the tab. Think of it from an EU consumer's point of view. They would start asking why their shopping bill is so much more expensive when compared to ours - now there's food for thought.

The effects of EU tariffs on our goods could also be mitigated by the temporary use of an Import Excess Tax, which I outlined in an earlier video.

Don't get me wrong, this will require quite an overhaul of our economy, but it probably needs it anyway and what better time to do it?

The second subject is George Soros giving more funding to the pro-EU campaign group Best for Britain. As well as the CEO of the group, Eloise Todd misleading everyone by saying that the UK has the option of remaining and 'leading in Europe'.

Sources:

https://policyexchange.org.uk/publication/global-champion-the-case-for-unilateral-free-trade/

http://www.independent.co.uk/news/business/news/brexit-latest-updates-eu-customs-union-uk-leave-trade-policy-australia-high-commissioner-alexander-a8206126.html

https://www.cnbc.com/2018/02/12/george-soros-defends-donation-to-anti-brexit-campaign.html

http://www.independent.co.uk/news/uk/politics/george-soros-brexit-donation-fight-remain-open-society-foundations-ofs-a8206121.html

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