Prof scoffs at Project Fear claim

AN EXPERT on trade law says some Remainers are issuing misleading claims to inflame fears of reaching no deal with the European Union and cash in on market panic.

Professor David Collins, an authority on the World Trade Organisation, said claims that goods would stop at the border without a deal are wrong.

Britain would simply adopt rules on trade governed by the World Trade Organisation.

Economists such as Professor Patrick Minford say this scenario would boost the UK’s gross domestic product by around £600billion but leave the EU with a £500billion hole.

Writing for advisory group Lawyers For Britain, Professor Collins of City, University of London, dismissed claims that goods would be stopped at borders.

Argument

He said: “The argument put forward is that upon Brexit the EU will be entitled to treat goods from the UK as from any third state.

“This approach transgresses the WTO’s Sanitary and Phytosanitary and Technical Barriers to Trade Agreements because it is arbitrary.

“These agreements provide that non-tariff barriers should be based on the level of scientifically determinable risk in the product, which will not change after Brexit.

“Nor will the regulations by which they are assessed or even the identity of those who perform the assessments. This was one of the purposes of incorporating EU regulations into the law of the UK after Brexit through the European Union (Withdrawal Act) 2018.”

Professor Collins said a small group of Remainers “stand to gain from the mayhem that will ensue in markets as a consequence of the drummedup panic of no-deal apocalypse.

“Those who will benefit from a run on the pound or a plummeting stock market stand out.”