A global Britain has nothing to fear from No Deal
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BY JAMES YUCEL
As we approach the final stage of the Brexit negotiations, this country, and our negotiators, increasingly face a once-in-a-lifetime choice. We can accept Michel Barnier’s terms as they are and see ourselves restrained by EU regulation for decades to come – or we can choose freedom in the form of No Deal (or an “Australian-style deal”) with the European Union, allowing us to trade with the EU on a WTO basis.
And whilst Remainiac fearmongers at the BBC may want you to think this would be a catastrophic outcome, it seems clear from the evidence that Britain’s future outside of the EU – regardless of a trade deal – is one of prosperity and growth.
For instance, with No Deal, we would be able to cut EU Tariffs. The IFS has estimated that the eradication of EU tariffs would cut British consumer prices by up to 1.2% – and with the UK spending at £1.3tn in 2017, this suggests gains for the people of this country of up to £15bn.
Building on this, our fishing industry has the potential to double in size once we have left the EU. Studies suggest we will see a rise in catch of up to £800m per year which with positive supply chain effects will result in around £3bn per year for the UK – already accounting for a third of possible trade losses.
Another tremendous opportunity of sitting outside the EU’s diktats is an Australian-style points-based immigration system, which is currently being rolled out by the Home Secretary as I write this article. This could maintain the financial benefits of high-skilled immigrants while diminishing the burden of the lower-skilled. According to government stats, benefit payments to EEA nationals total around £1.6bn per year – a figure the UK would be able to cut to near 0 if we left on WTO terms.
A further opportunity is CANZUK, which would see closer ties between Canada, Australia, New Zealand and the UK. Already popular in these countries, and endorsed by this site, such an arrangement could bring massive economic, as well as social benefits, within a framework of the same common-law legal system and Westernised culture.
Ultimately, as the fifth-largest economy in the world, we should be optimistic about our ability to operate around the globe as an independent nation. If we are able to cut tariffs, our British market will become a hot commodity – everything the EU wants to avoid – a Singapore-on-Thames.
As our courts and Parliaments regain their sovereignty and as our land and seas regain their liberty, we should be confident Britain will not only survive No Deal with the European Union, but prosper directly as a result of it.
James Yucel is the founder of Defund the BBC. Follow him on twitter: @JamesLYucel