The following article over at the CapX site explains why the UK should go for unilateral free trade immediately, and summons up arguments deployed a century and a half ago by the likes of Richard Cobden, and Sir Robert Peel, the Conservative prime minister of the time (who had a rather stronger grasp of political economy than, I suspect, any member of the present government):
I trust the government … will not resume the policy which they and we have found most inconvenient, namely the haggling with foreign countries about reciprocal concessions, instead of taking that independent course which we believe to be conducive to our own interests…[L]et us trust that our example, with the proof of practical benefits we derive from it, will at no remote period insure the adoption of the principles on which we have acted… Let, therefore, our commerce be as free as our institutions. Let us proclaim commerce free, and nation after nation will follow our example.
And these comments from the author of the CapX article, Louis Rouanet, who is a student in Paris, strike me as crucial:
A unilateral free trade program is very simple: the British Parliament declares the abolition of all tariffs. To avoid a race in non-tariff barriers, the Parliament can pass a law declaring that every product which conforms to the EU norms and regulations can be sold freely in the UK. This should not be a problem since the UK still is a member of the EU.
By Parliament’s act, most of the “non-tariff barrier” problem withers away without any need for regulatory harmonisation. If the EU legislator considers it necessary to regulate the curvature of vegetables, so be it! But, although EU producers will be free to sell their product in the UK, the British legislature may deem it unnecessary to regulate its producers in the same absurd way.
The advantages of this approach are many. First, the UK can have free trade now instead of waiting through years of negotiations. No need to wait for bureaucrats to agree on which laws we burden consumers and producers with.
Read the whole thing, as they say.
