Free Trade with the EU

AN MP has demanded government set out the cost to British and EU businesses if no free-trade agreement is reached with the European Union.

Shipley MP Philip Davies highlighted figures from think-tank Civitas which showed European businesses will have to pay £12 billion to access the UK market and UK business £5 billion to access the EU market under World Trade Organisation terms.

In the Commons he called for government to confirm the validity of the figures or provide their own data.

International Trade Secretary Liam Fox said: “Whatever the actual figures are, there is one point that is more important which is the introduction of any impediments to trade and investments in inter-European trade would be disadvantageous to producers and consumers alike. Of course government has made it very clear we will try to get maximal access to European access to avoid any disruption of trade.”

Mr Davies said: “There is no reason the EU would not agree a free trade deal with us. We have a massive trade deficit and it would be economic suicide for them not to agree. I see no reason why a free-trade deal cannot be achieved.”