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International Trade Publications
Britain’s competitive and dynamic sea ports are well placed to reap the rewards of growing trade flows in and out of the UK. Around £570 billion in trade passes through Britain’s sea ports and after Brexit this is likely to increase, argues Policy Exchange’s new report Brexit: Prospects for Trade and Britain’s Maritime Ports.
The Irish border is not the insoluble obstacle to Brexit negotiations that it has been made out to be and the UK can leave the single market and customs union while preserving a frictionless border in Ireland. This can be achieved by the use of new technology and in the context of a Free Trade Agreement between the UK and EU, in an arrangement that goes beyond the Customs Partnership and in no way threatens the Good Friday Agreement.
In a major new study, Policy Exchange argues that as the UK leaves the EU, it should unilaterally abolish all tariffs. This would reduce UK consumers’ shopping bills, increase productivity and promote global prosperity. We can also disarm the threat of a ‘No Deal’ Brexit. In the Foreword, Australian High Commissioner to London Alexander Downer said: “Trade is not a zero-sum equation. In the decades ahead all major economies should remove their tariffs and open their markets to competition. As the UK once again takes its place at the WTO it should take the opportunity lead by example and remove its tariffs.”
This new Policy Exchange report, published today — written by Economic and Social Policy Research Fellow, Jonathan Dupont — recommends that the UK should double the proportion of its international aid budget spent on research and development, in order to solve the most pressing global challenges and support the Government’s Industrial Strategy. George Freeman MP, Chair of the Conservative Policy Forum, has written a Foreword for the report.
In a flagship new report for Policy Exchange, former senior Irish Ambassador Ray Bassett argues that a failure to reach a benign compromise between the EU and the UK in Brexit negotiations risks seriously damaging the Irish economy. So far, the Irish Government has sided firmly with the EU27, but Bassett believes this may be a mistake given how intimately the Irish and British economies are connected. In the event of the UK leaving the Customs Union and the Single Market, Ireland may be forced to follow suit, potentially even seeking its own “Irexit”.
The models used to assess the economic impact of Brexit were misleading, according to new analysis by Dr Graham Gudgin, Policy Exchange’s new Chief Economics Adviser and the co-author of the report. At the time, the projections made by the Treasury, OECD and IMF were used by the then government and Remain campaign to argue that the British economy would face a significant and permanent loss of income in the event of a vote to leave. A careful analysis of the gravity trade economic models used to generate these pessimistic projections suggests that the impact of Brexit on our economy will be much less significant than the economic consensus constructed at the time of the referendum.
With a foreword by former Chancellor of the Exchequer Nigel Lawson, and a postscript by former Foreign Secretary David Owen, this major contribution to the public debate sets out proposals for a ‘Clean Brexit’. It is written by Policy Exchange’s Chief Economic Advisor, Dr Gerard Lyons, and leading Telegraph economics commentator, Liam Halligan