Do you know what really annoys me? How many people come up to me at business events, in the street, the supermarket or at parties & whisper “I voted Brexit too but I can’t let anyone at work or my friends know.” Voting to Leave the EU isn’t something to be ashamed of. 1/3
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I suggest you read into this topic a little more. The barriers to trade with our largest and nearest partners in the EU won't nearly be compensated for by agreements we strike with the US or any other more distant economy.
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For two reasons. 1) Those other agreements never have come close to the depth of the EU's single market, and facilitating trade as freely, therefore, and 2) trade 'gravity', the tendency to trade disproportionately with those large and close.
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Wanting out for reasons of sovereignty or migration comtrol are fair enough [not reasons I share, but they are legitimate]. But wanting out to generate freer trade is self-contradictory.
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Trade gravity sounds like a suspiciously obscure econ concept. But it's one of the most robust findings from empirical econ I know about. Anyone who found a good reason to overturn it would quickly become a superstar Nobel candidate.
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It's effect has not really diminished over time either, even as the weightless, technological economy has advanced. The same invisible forces that produce it are the ones that bring people together everywhere in cities and towns. Trade gravity is all around us.
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So, to recap, 1) even if we wanted and were able to, FTA's as free as the single market would not make up for lost EU trade. Not even nearly. 2) we won't want to [check out the Labour Party and Redkippers' feeds!] and won't be able to strike such deep FTAs.
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And it's worth noting that attempting to get the same depth would involve different agreements that would dismember quality and safety standards, and public sector procurement arrangements that a lot of us rightly or wrongly [i think rightly] would see as a diminuition of welfare
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It will take ten years or more to get all these other trade deals in place, so why the hurry to throw away the deals we already have? Doesn’t it follow that if FT always improves living standards, ripping ourselves out of our current FT deals will reduce living standards?
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Also...what sort of negotiating power will we have when we are making these trade deals? We will have to accept any terms and conditions that are offered which could result in us lowering our standards.
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but we had FTAs with economies round world thro EU. How will being out improve this?
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@JuliaHB1 is laughable: outside the EU, UK be competing with China, India Japan, Australia, NZ, SA for third party access to the largest free trade area in the world-the EU single market! Duh and double
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All of whom trade using the WTO framework and as you seem to think in your derisory comment all do so much better than the U.K. outside the EU. Thanks for proving leaves point.
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UK trades “using WTO framework” as part of EU. None of those countries trade solely using WTO rules - which UK wld do if No Deal ( apart from FTAs with Falklands, Iceland).
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Actually we have many bilateral deals, nations are lining up for new deals but we are still in so they can’t sign any and tbh, although I would prefer a fair trade deal with the EU they need it more to protect their markets and surplus with us than we do.
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Ah, you mean like Papua New Guinea and Leichenstein. Hooray.
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You forgot the Faroe Islands.
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Yep, all the herring we'll ever need.
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kippers galore.
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and puffins.
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And tea from Wales. (Do they eat puffins?)
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