Lords outline UK options for trade
Another Brexit blockbuster from the House of Lords EU Committee, this time outlining in great detail the various options the UK has for a trading relationship with the EU. Presuming an exit from the single market they can be reduced to four:
- European Economic Area membership via EFTA
- Remaining in the EU Customs Union
- Concluding a new Free Trade Agreement
- Operating under WTO (World Trade Organisation) rule
In their usual no-nonsense way the Lords conclude: “the prospect of fundamental modifications to the ‘off-the-shelf’ models is unlikely.” In other words, for all the talk in London of clever and confidential negotiating strategies, the UK team is most likely to be presented with a set of drop-down menus.