Oct,18,2020: Michael Gove, the minister handling Brexit divorce issues for Britain, said on Sunday that the UK is “increasingly well-prepared” for a no-deal Brexit even as businesses urged Britain and the European Union to find a compromise over trade terms.
A tumultuous “no deal” finale to the United Kingdom’s five-year Brexit crisis would sow chaos through the delicate supply chains that stretch across Britain, the EU and beyond – just as the economic hit from the coronavirus pandemic worsens.
“But if the choice is between arrangements that tie our hands indefinitely, or where we can shape our own future, then that’s no choice at all. And leaving on Australian terms is an outcome for which we are increasingly well-prepared”.
Prime Minister Boris Johnson said on Friday that Britain should get ready for a deal with the European Union similar to the one Australia has, “based on simple principles of global free trade.”
A so-called “Australia deal” means that the United Kingdom would trade on World Trade Organization terms: as a country without an EU trade agreement, like Australia, tariffs would be imposed under WTO rules, likely causing significant price rises.
Johnson’s critics say that an Australian-style deal is simply code for no deal at all with Britain’s largest export market. Australia’s trade with the EU is dwarfed by Britain’s.
More than 70 British business groups representing over 7 million workers made a last-ditch attempt on Sunday to persuade politicians to get back to the negotiating table next week and strike a Brexit deal.
