'Brexit is GOLDEN opportunity' Economist OBLITERATES Project Fear with EPIC analysis
BREXIT gives the United Kingdom the "golden opportunity" to re-establish itself as a "champion of free trade" on the international scene, economist Julian Jessop said.
Brexit will remove the influence of European Union directives limiting British trade with its international partners.
Mr Jessop said the UK will be able to strike new deals with third countries without having to impose constricting tariffs on imports and exports.
He said: "Fortunately, Britain’s decision to leave the European Union provides a golden opportunity for the UK to become a global champion of free trade once again.
"One way it can do this is by embracing a policy of unilateral free trade. It’s a very simple idea that means lowering our own barriers to trade without waiting for other countries to reciprocate.
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"This is only possible now that the UK is leaving the EU customs union which requires us to obey EU rules on trading with the rest of the world. Including imposing the Common European External Tariff on our imports from other countries."
The Institute of Economic Affairs (IEA) chief economist added Britain could take one step forward with its post-Brexit plans, eliminating discriminatory regulations on goods and services.
He continued: "It can also mean lowering non-tariffs barriers, including regulations that discriminate against goods and services imported from abroad."
New figures revealed that Britain’s Brexit boom is fuelled by growing international trade.
Britain’s decision to leave the European Union provides a golden opportunity for the UK to become a global champion of free trade once again
According to the official trade figures published, British exports in services have hit a record high of £70.5 billion.
This accounted for almost half Britain’s overall exports including goods which rose by two per cent to £158 billion from the year before.
International Trade Secretary Liam Fox recently reaffirmed he doesn’t believe Britain will lose its market share as a result of Brexit.
Dr Fox said the UK will continue to be a strong trade because the EU will seek to maintain a close connection with Britain due to its economy size.
He said: “I don’t believe that we will necessarily lose our share of the market. We want to maintain an open agreement with the European Union and they will want to maintain an open agreement with us because we are the fifth biggest economy in the world and a major trading partner for them.”
