11 December 2017
Norway, Switzerland, Canada, Japan? The formulae are rolled out daily in this debate! In fact as David Davis as well as other ministers have said many times, the UK is unique and should negotiate its own deal.
What should this be? First let us put it in the context of the gains the UK gets from leaving the EU’s Customs Union and Single Market, which the referendum result endorsed. The EU’s protectionism of food and manufactures raises prices for all those products by an average of 20 per cent over the best available prices in the developed world.
Getting rid of this protection via Free Trade Agreements gives us a big gain from the resulting free trade: on our calculations, consumer prices would fall 8 per cent and GDP be 4 per cent larger.
To read Patrick Minford’s piece for the Daily Telegraph in full, click here.