JPMorgan, Legal & General, the list goes on of businesses scarpering as the possibility of Britain walking away from the EU with no deal become imminent. Big businesses consider the Single Market to be the only prosperous trade deal Britain could ever achieve in its history. The option of remaining in the European Economic Area became attractive to many soft Brexiteers and Remainers after June 23rd, but even this body parallels the EU's structure. A soft Brexit would betray everything Vote Leave campaigned for. If one studies trade figures produced in between 2005-15, Britain's trade with the rest of the world has been growing whilst British trade with the EU is shrinking.
The truth is, Britain can thrive on World Trade Organisation rules.
'British exports to South Korea grew by 1300%'
During this period, our trade with non-EU nations expanded by 75%, yet trading levels with the EU stagnated to 25%. Switzerland has a preferential trade agreement with the EU, yet it conducts most of its trade with the UK. British exports to South Korea grew by 1300% and British exports to Turkey expanded by 80%.
The possibility of pursuing free trade agreements outside the EU helped drive Vote Leave's argument last year. Nations that do not have similar arrangements with the superbloc thrive. Australia experienced a spectacular growth rate of 45%. Many of the countries that Theresa May has attempted to charm since becoming Prime Minister, like Saudi Arabia, India and Singapore, which many commentators have modelled Britain's post-Brexit economy on, have grown by an average of 146% between them.
'PM should do her utmost to negotiate a trade deal'
It is admirable our Prime Minister wants to continue trading with the EU in a similar fashion to what we do now. She should do her utmost to negotiate a free trade deal with the superbloc. Vote Leave argued last year Britain's ability to prosper outside the EU would not be hampered by leaving.
So why do our politicians keep flirting with the option of remaining in the European Economic Area or transitional agreements? If one studies the WTO trading figures for 2005-15, it is obvious Britain will be just fine. WTO rules will provide Britain with sufficient flexibility for the Government to implement horizontal programmes to mitigate the impact of tariffs.
Mrs May should crack on with implementing that free trade deal, but she should be praised if she has the courage to walk away. It is apparent WTO rules will bring significant wealth to this country, as it does for the nations prospering without even trading with the EU.
