Posted on 01/27/2019 2:15:36 PM PST by Berlin_Freeper
The UK will be unable to have frictionless, tariff-free trade under World Trade Organization rules for up to seven years in the event of a no-deal Brexit, according to two leading European Union law specialists.
The ensuing chaos could double food prices and plunge Britain into a recession that could last up to 30 years, claim the lawyers who acted for Gina Miller in the historic case that forced the government to seek parliaments approval to leave the EU.
It has been claimed that the UK could simply move to WTO terms if there is no deal with the EU. But Anneli Howard, a specialist in EU and competition law at Monckton Chambers and a member of the bars Brexit working group, believes this isnt true.
No deal means leaving with nothing, she said. The anticipated recession will be worse than the 1930s, let alone 2008. It is impossible to say how long it would go on for. Some economists say 10 years, others say the effects could be felt for 20 or even 30 years: even ardent Brexiters agree it could be decades.
The governments own statistics have estimated that under the worst case no-deal scenario, GDP would be 10.7% lower than if the UK stays in the EU, in 15 years.
(Excerpt) Read more at theguardian.com ...
Why does there have to be “deals”. Just drop all tariffs.
Markets are everywhere. Plus what you don't export is consumed domestically.
A no-deal break is better than any sort of deal. May tried to snooker the brexiteers with a deal that would have preserved the liabilities of EU membership while eliminating any advantages of it.
I visit American factories all the time. I’m visiting one tomorrow
They can and do profitably compete
Those that are not profitable cease operations
You can find one of those closed buildings and open it up tomorrow if you have any money to invest in hiring people to make some product that can’t be sold
Just put your .obey where your mouth is
From my research not one company had to off shore to MAKE a profit. All were making a profit the just wanted more.
A noose awaits thee The Chinese are going to make a costly mistake and you Free Traitor will pay the ultimate price for your misguided greed and loyalty to the dragon.
For real the WTO rules only will help the UK /sarc
I'm really looking forward to Brexit and seeing what happens over the period 2019-2022.
I am hoping the UK has a big Brexit party. Something exciting to watch. Unfortunately the Mayor of London might spike it.
These projections are probably only realistic if Brexit is done on the “deal” PM May thought she made. If a clean break with no deal is made things will turn out much better.A US-UK partnership will take up a lot of the slack and natural adjustments will be made all around.England will be far better off with a clean break than with any sort of deal. A deal will lock in unfavorable relationships and remove some tethers from the UK economy.
No, those projections are based on the results of a no-deal
Based on “if nothing else changes...”
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