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Britain should make a “clean break” from the EU and abandon attempts to thrash out a transitional deal, according to vacuum cleaner entrepreneur Sir James Dyson. A leading figure in the Leave campaign, Sir James said it was “quite wrong” to call the EU a “single market”, saying companies operating across Europe already face different languages and laws. The billionaire claimed the EU was “actually a very highly complex and broken up market” and that Britain should instead focus on other fast-growing markets worldwide. – Telegraph
Brexit negotiations are not going the way the UK had hoped, the former Bank of England governor Lord King has said as he urged the Government to make clear it has a viable plan to walk away from the talks. Lord King said Brussels needed to know that Britain was prepared for a “no deal” scenario. He said a “separate team” should be tasked with drawing up a blueprint for such an eventuality to show the EU that the UK is ready to leave the bloc without agreeing to new trading arrangements… “It’s not our first preference but we can do it, and we need a team of people who are capable of delivering that."
The best way forward is for the U.K. to leave the single market but strike a free-trade deal with the EU. This would give us tariff-free access to its market without the downsides of single market membership. The question, of course, is whether this is feasible. Would the EU ever accept such an offer? It’s worth remembering that the U.K. is one of the largest export markets for EU members. Surely, it would make sense for Brussels to offer us terms that are no worse than they are for other countries. But because the EU is also concerned about striking a deal that appears to be too favorable to Britain, we must be prepared to walk away without one. That means being willing to fall back on the terms set by the World Trade Organization (WTO), which allow us to trade with the EU but impose tariff barriers that average around 3 percent. – John Mills for Politico