Displaying items by tag: world trade

Politicians and the Bank of England now say that the chances of a ‘no deal’ scenario are high, and may leave the UK with no trading deals in place. Pray that a spirit of fear will not entrench our nation. WTO's director general believes ‘this is not going to be a situation where all trade stops and there is collapse in terms of the economy as a whole. The tendency is that prices will go up because you have to absorb the cost of that disruption’. The WTO facilitates 164 countries, without free trade agreements with each other, to trade using the same tax on imports and the same limits on the number of goods. After Brexit, the UK could lower/waive tariffs to stimulate free trade. Cheaper products could enter UK, but some UK producers could fold. We can pray for business to thrive. The UK already trades under WTO rules with China, US, Brazil and Australia, plus any country without a trade agreement with the EU.