Well it seems that this is firmly back on the table, which will thrill some and horrify others.
What does no deal mean though?
It means leaving on the 31 October and beginning at ground zero. We will immediately enter WTO rules in all our trading activities throughout the world which means we will have to comply with our WTO schedule listing the tariffs with which we must comply.
We have said that we wouldn’t charge tariffs on most goods coming from the EU, but I am unclear how we could apply that rule to just the EU as surely we must comply with the most favoured nation, which means we must apply the same standards to every country?
However, our businesses who export will have tariffs imposed on their products making them less competitive than other businesses who trade under various trade agreements. Many farmers are expected to go out of business and where possible other businesses will move to the EU. We are seeing this process already.
The EU will of course immediately set up checks at the border.
COUNTRY, CITY, AREA, PLACE -Game 21
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