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Thread on those EU trade deals with third countries the UK wants to roll over…
50 days to go
15 still to go
Tariff threat looming for some £80bn a year of UK trade with countries ranging from Mexico to Singapore
...1/
50 days to go
15 still to go
Tariff threat looming for some £80bn a year of UK trade with countries ranging from Mexico to Singapore
...1/
...I’ve had a look at the state of play for @independent with @joncstone... 2/ https://www.independent.co.uk/news/uk/politics/brexit-trade-deals-continuity-exports-mexico-turkey-canada-b1444977.html
…Here’s the gaps and the size of the economic hole….2/
…and here’s it’s share of the total…3/
….As @allierenison of @The_IoD tell us: UK firms care MORE about rolling over EXISTING trade deals than they do about Global Britain striking new ones post-Brexit…4/
…So will they all be successfully rolled in the 7 or so weeks to 31 December? @SamuelMarcLowe of @CER_EU says it’s possible.
But we’re cutting it VERY fine. And a Turkey deal (£18bn/year of trade) depends on an EU deal because they are in a customs union with the EU…5/
But we’re cutting it VERY fine. And a Turkey deal (£18bn/year of trade) depends on an EU deal because they are in a customs union with the EU…5/
…All this is unsettling for companies that trade with these countries, as this report by @b_c_chapman shows... 6/ https://www.independent.co.uk/news/business/brexit-continuity-trade-deals-eu-uk-companies-b1720640.html
…also crucial point from Alan Winters of @uk_tpo – even nominally rolled over deals with some countries like Switzerland are NOT COMPLETE because they depend on the UK having an EU deal…7/
…but that new trade deal with Japan is actually an improvement not a roll over isn’t it?
Not really says @thom_sampson of @UKandEU ...8/
Not really says @thom_sampson of @UKandEU ...8/
….But new trade deals after Brexit will bring down domestic prices won’t they?
No says @levell_peter of @TheIFS... 9/ https://www.independent.co.uk/news/uk/politics/brexit-cost-of-living-inflation-tariffs-imports-consumers-b1453206.html
No says @levell_peter of @TheIFS... 9/ https://www.independent.co.uk/news/uk/politics/brexit-cost-of-living-inflation-tariffs-imports-consumers-b1453206.html
...So: Ignore the dubious claims of new trade gains from these rollovers and the "Global Britain" spiel from ministers.
When it comes to these rollover trade deals the UK has just 50 days to successfully stand still.
ENDS
When it comes to these rollover trade deals the UK has just 50 days to successfully stand still.
ENDS
