2.) If tariffs have to be imposed under ‘no deal’ WTO rules, the EU will pay £12bn in tariffs a year and the U.K. £5bn (ref: Civitas) -
Here is thread with few facts relevant to current drama on Brexit deal or rather more likely NO DEAL - FOR NOW!
1.) If we have to go to ‘no deal’ (/Australia deal) we will be doing what most members of World Trade Organisation (WTO - covering virtually every country in world) do.
2.) If tariffs have to be imposed under ‘no deal’ WTO rules, the EU will pay £12bn in tariffs a year and the U.K. £5bn (ref: Civitas) -
3.) The £12bn income from tariffs will come to UK Treasury, not Brussels. Effectively these will be UK consumer taxes that could perhaps go towards reducing COVID debt?;
5.) By definition, 57% of U.K. exports go to Rest of the World. Growth outside of Europe is forecast to be 90% of all growth over next 15-20 years.
6.) Whilst UK has trade surplus with USA and most Commonwealth countries, we have massive deficit with EU in goods - £95bn a year.
7.) UK is 5th largest economy in world, the same sized economy as India with 1.3 billion population, & 20% larger than geographically massive Russia;
10.) Normally, only about 4% of containers arriving into U.K. are checked physically and this is mostly intelligence led
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3/ So, why be so transparent? Two words: launch strategy.
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