TARIFFS

In response to a few proposed tweaks to the tariffs imposed by the UK on imports in the event of a No Deal Brexit, Carolyn Fairbairn, director-general of the CBI, told BBC 4’s Today programme:

‘What we are hearing is the biggest change in terms of trade this country has faced since the mid-19th century being imposed on this country with no consultation with business, no time to prepare. This is no way to run a country. This is a sledgehammer for our economy.’

The proposed tweaks involved fall well-short of genuine tariff reform and owed more to a desire to adopt the one-size-fits-all World Trade Organization rules. A policy of tariff reform is what is needed, post-Brexit. Once again, the May Government is pursuing a policy of globalization and is prepared to sacrifice British interests in pursuit of that objective. Both the agricultural and fishing industries, for example, are being hung out to dry and the proposed tariffs do little to help them.

Carolyn Fairbairn’s previous antics have demonstrated her politically-correct Leftie agenda. For example, her involvement in the Intergenerational Commission (see Turbo Brexit, page 66). Her pronouncement about the May Government’s token gesture on tariffs is bold in its assertion of being knowledgable, and false to such an extent that it can only be described as a lie.

Trade policy as been a contentious issue in British politics for some time, especially at the start of the 20th century. Importantly, there was an actual fundamental change in trade policy in 1932 with the introduction of the Import Duties Act, which placed a general tariff of 10% on all imported goods apart from those specifically exempted. The rate was increased to 20% within months. To quote the Economists for Free Trade (EFT), the result was ‘the fastest sustained period of economic growth since the Industrial Revolution’ – although the EFT assigned all this to the exit from the Gold Standard and totally ignored the introduction of the general tariff (see Turbo Brexit, page 96).

It is astonishing that Carolyn Fairbairn made the loud comment that she did, and equally astonishing that she was not challenged.