Britain’s Foreign Secretary has said that it would be okay for Britain not to negotiate a trade deal with the EU.If Britain failed to negotiate a trade deal with the EU, it would leave the EU on the hardest World Trade Organization terms.Boris Johnson said that the warnings that the approach would cause disaster are false.
He said that Britain has a robust economy that would allow the country to make trade deals with the rest of the world.That would allow Britain to compensate.
Boris comments come after The Independent said that Treasury officials believe that such a move would trigger an economic shock.
George Osborne who is the former Chancellor also said that there’s no amount of trade deals that would make up for the move.
Mr. Johnson said that if the country is not able to reach an agreement, it would be okay for the country to leave the EU with the hardest WTO terms.
However, Boris said that he hopes that they reach an agreement.
He also said that the effects of no deal are not as bad as some people like to pretend.
Boris said that Britain has a strong robust economy and a chance to do free trade deals with other nations.
Mr. Johnson’s Cabinet colleague, international Trade Secretary Liam Fox said that he believes that a no deal would disadvantage both UK and European Union citizens.
The House of Commons Foreign Affairs Select Committee warned that there was little proof that the government was properly preparing for Brexit.
Brexit Secretary David Davis said Whitehall was preparing a plan for such a case.
The committee chair and Conservative MP Crispin Blunt said that the possibility of no deal is hard because it requires government planning.
The British government said that it will avoid a bad deal. It’s, therefore, essential to preparing for no deal.