BREXIT COUNTDOWN DAYS TO GO
It’ll be union quitty blues if we go, PM
Theresa May says no to customs union. But Political Editor reckons it’s Brexit’s best solution. THERESA May’s decision to rule out a customs union with the EU will cost the UK £24billion over the next 15 years. The PM could build 40 new hospitals with that, or 685 extra schools.
House of Commons library analysis, commissioned by Labour exclusively for Brexit Countdown, shows new customs barriers would reduce the nation’s wealth by one per cent by 2033.
That’s because goods would be held up for border checks they don’t need now.
And the same analysis says business deals that International Trade Secretary Liam Fox is negotiating with the rest of the world could account for as little as 0.2 per cent growth.
Labour’s shadow Brexit minister Matthew Pennycock says: “British jobs and manufacturing are dependent on frictionless trade with the EU, yet the Government continues to stick with unworkable customs proposals.”
A customs union allows for the free movement of all goods and services, but not people – unlike the single market. That means we can agree to be in a customs union without having to accept an unlimited number of EU migrants. It would also solve the Irish border problem. The downside is that we would have to swallow trade tariffs set by Brussels which would do Dr Fox out of a job because he couldn’t offer preferential treatment for countries willing to do deals with us.
Better, though, to lose one Cabinet minister than £24billion.