Leaving the EU will be good for our trade

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John Redwood’s latest blog discusses UK trade

Outside the EU the UK will have more scope to sell to the rest of the world, will be able to draw up its own free trade agreements with other countries, and will see its balance of payments deficit cut by the ending of EU contribution payments.

The £10 billion the UK contributes to the EU every year which it does not get back is one fifth of the forecast balance of payments deficit for next year. Stopping those payments would be a great boost to our overseas account.

The UK needs free trade agreements with China, India and the USA, but has been prevented from having them through EU membership.

The UK will be able out of the EU to influence standards and rules governing goods and service sector trade, by regaining seats on international bodies the EU took from us.

The decision to leave will send a clear signal that the UK is dedicated to the wide world, not just relying on its adjacent continent.

We will be able to rebuild stronger trade and investment links with the Commonwealth and the English speaking world.

OUR OPPONENTS WILL CLAIM TRADE WILL BE DAMAGED AND THE UK WILL BE LIKE NORWAY

Our trade is not at risk. The German government has made clear they do not want to impose new tariffs or other barriers to trade if the UK leaves. After all, they sell us twice as much as we sell them, so new restraints would be damaging to Germany.

Our leading car makers Nissan, Toyota and Jaguar Land Rover have all said they will invest in new models and remain committed to the UK whether we are in or out.

The UK will not do a deal like Norway. When you run as large a deficit as we do with the rest of the EU there is no need to pay anything into the EU to keep the trade going.

Nor will the UK be on the wrong end of lax rules and regulations. The UK will return to making our own rules and regulations, and to having more influence on world standards

Click here to read this piece in John Redwood’s Diary.

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