24-03-2016, 10:28
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#1015
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Remoaner
Cable Forum Team
Join Date: Mar 2004
Posts: 32,875
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re: [Update] The UK votes to leave the EU
Quote:
Originally Posted by Osem
With the IN campaign reminding us of all the wonderful benefits or being such a valued and respected member of the club as well as all the doom which will inevitably ensue if we dare to leave, I'm wondering how long it'll be before they start telling us we ought to pay more for the privilege of staying in...   |
The Economist has an article today that better makes the point about trade deals: http://www.economist.com/news/britai...le-trade-winds
Quote:
As for the trade deficit, what matters is the share of exports: some 45% of British exports go to other EU countries, whereas only around 7% of their total exports come to Britain. It is true that German carmakers would want to sell to the British market. But several other countries run bilateral deficits with Britain or barely trade with it at all; a deal would not interest them.
The WTO option would not remove non-tariff barriers, nor even tariffs on many products, such as cars (which attract a levy of around 10%). The Canadian deal does not cover all goods. And both the WTO and Canadian options omit most services, including financial ones, which make up Britain’s biggest exports to the EU. Rival financial centres such as Paris, Frankfurt and Dublin would seize the chance to win back business following Brexit.
Hopes of easy trade deals with the rest of the world also look illusory. Lawyers say Britain would have to replace all the EU’s 53 free-trade pacts, which would be hard with tough negotiators like South Korea or Mexico. Several big countries, including America, China and India, are negotiating new deals with the EU, from which a post-Brexit Britain would be excluded.
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