Britain will be absolutely fine if it leaves the EU with no deal and trades under WTO rules, according to the Director General of the World Trade Organisation.
Roberto Azevedo said: “About half of the UK’s trade is already on WTO terms – with the US, China and several large emerging nations where the EU doesn’t have trade agreements.
“So it’s not the end of the world if the UK trades under WTO rules with the EU. If you don’t have a fully functioning FTA with the EU, there could be rigidities and costs – but it’s not like trade between the UK and EU is going to stop. There will be an impact, but I suppose it is perfectly manageable.”
“I think Britain has an opportunity, a chance to contribute in a way that is consistent with the quality of your professionals and the size and importance of your economy.”
So the Brexit doomsayers are wrong – it’s not essential that Britain gets a trade deal and shells out billions to the EU in order to pay for it. The UK can keep the money and invest in its own infrastructure and crack on with arranging trade deals around the world.