MP claims EU fears that UK will “undercut” the bloc in world markets

The Conservative MP Mark Francois has claimed that the current impasse being experienced in the Brexit talks with the European Union will be negotiated. Mr Francois has stated that the EU will agree to a trade deal with the UK before within the timescale of the transition period due to fears within the EU of being “undercut” in world markets. 

The Conservative MP has said that the thought of Britain becoming the Singapore of Europe terrified the EU. Mr Francois added the only way the EU can prevent that is to secure a trade deal with Britain before the end of the year. 

Mr Francois has said: “We can’t tax our way out of this, we have to grow our way out of it. That means free trade deals with the United States, Japan and others. If they are prepared to be reasonable the European Union too. The reason I think in the end that they will probably concede is that historically the one thing they have always been terrified of is that we would become a sort of Singapore of Europe. Where we would undercut them on world markets. They are really frightened of that. The only way now that we have left the European Union that they have a chance of trying to constrain that is to agree on a deal with us.”

Conservative MP Mark Francois

Only a couple of weeks ago, the Chancellor of the Duchy of Lancaster Michael Gove revealed that staying in the European Union for another year could cost the UK £20billion. Mr Gove said, “for every year continued membership the additional cost would be between £20billion gross and £10billion net”.

Mr Gove also said “One additional complicating factor is that the current multi-annual framework of the EU ends at the end of this calendar year. There would be a new MFF. It would be decided by the EU 27 and we would not have a voice in that process. We would find that even the limited say we had in the setting of the MFF when we were a member of the EU would have gone. So, we can’t know preciously what bill we may be saddled with were we to agree to another year of continued transition”.

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This content was sourced from Unity News Network.

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