Deal or No Deal on EU – What a Hard Brexit Could Mean
MPs will debate further amendments to the Brexit bill today (8th February) – allowing Article 50 to be triggered.
The government has promised Parliament a say on the final deal that comes back from the EU. However, some are saying it is a ‘take it or leave it’ deal.
So, what does a Hard Brexit mean? Well, it is now clear that this will entail reverting to World Trade Organisation (WTO) rules.
Below is a snippet from the Institute for Government website, which will help explain what this could mean.
Brexit Explained: 10 things to know about the World Trade Organization (WTO)
1. The WTO sets the global rules of trade.
2. The UK is already a WTO member, both individually AND as part of the European Union (EU).
3. The UK won’t automatically be able to keep its current WTO terms of membership.
4. Other countries may not wish to allow the UK to continue to trade with them on its current terms.
5. The 164 members of the WTO operate by consensus
6. Securing the agreement of some other countries may not be straightforward.
7. The EU’s current WTO commitments have not been formally agreed (‘certified’) following the EU’s various enlargements.
8. The EU’s current WTO schedules cover thousands of categories of goods, as well as services.
9. Negotiating new WTO schedules could take several years.
10. It is likely the UK will leave the EU without having agreed new WTO commitments
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