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Brexit to pay £135billion annually to boost UK economy

A "hard" Brexit is "economically much superior to soft" argues
Prof Patrick Minford, lead author of a report from Economists
for Free Trade.
He says eliminating tariffs, either within free trade deals or
unilaterally, would deliver huge gains.
Other economists say cutting barriers sets off a "race to the
Economist Monique Ebell from the National Institute of Social
and Economic Research (NIESR) says Prof Minford "ignores
decades of evidence on how trade actually works".
Ms Ebell's own research showed that if the UK left the single
market but made unilateral trade deals with major developing
economies and the Anglosphere, it would only claw back
about one-third of the 20-30% reduction in lost total trade by
leaving the EU.
Ms Ebell says many of the trade barriers that Prof Minford
argues to be removed are subtle, non-tariff barriers, such as
agreed common standards.
Campaigners against a hard Brexit said the plan amounts to
"economic suicide".

What is the customs union?
The UK is part of the EU customs union, and so imposes
tariffs - taxes on imports - on some goods coming into the
Countries in the customs union don't impose tariffs on each
other's goods, and every country inside the union levies the
same tariffs on imports from abroad.
So, for example, a 10% tariff is imposed on some cars
imported from outside the customs union, while 7.5% is
imposed on roasted coffee.
Other goods have no tariffs.
The UK has said it is leaving the EU's customs union because
as a member it is unable to strike trade deals with other
Brexit to pay £135billion annually to boost UK economy Brexit to pay  £135billion annually to boost UK economy Reviewed by sunday on August 20, 2017 Rating: 5

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