by Charles Proctor, Miles Saltiel
Adam Smith Institute
May 01, 2014
Departure from the European Union for the UK promises political benefits: repatriation of regulatory powers will be positive and popular. It also enables the UK to renew global links and promote the benefits of open trade. The central proposal of this essay is the Global Initiative for Free Trade—GIFT. This meets the UK’s economic objectives; animates domestic energies; recasts controversy with the EU; appeals to third countries and the international community; and would survive a failure of Article 50 negotiations. The key issues for negotiation with the EU are goods, non-tariff measures and the UK’s financial contribution. The UK stance should reflect realities—its comparative advantage in services; and principles—trade promotes freedom and prosperity all round. The UK’s bargaining position is strong enough to enable it to act with confidence in the conference room.