Brexit: Peter Bone shuts down McDonagh over trade deal
The Conservative MP stated that the UK trading with the European Union on World Trade Organisation terms would be more damaging for the trading bloc than Britain. Mr Bone added that duties and tariffs collected from trading with the EU on WTO terms could be used to cut tax in Britain.
Ms McDonagh said: “It is not that we get to do what we want in a free market free for all, there are rules.”
Mr Bone replied: “If we decide to eliminate tariffs on coffee, then we can.”
The Labour MP said: “I am not sure we are much of a coffee exporter.”
Mr Bone responded: “I was referring to the price of goods in this country, it will be lower.
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“I think an economic free trade deal is good for everyone, but it is not the end of the world if we do not do it.
“I am saying it is more serious for the EU than it is for us.
“It will give us the freedom to support businesses that are affected by that.
“Also the duties and tariffs we collect we will be able to use to cut taxes if we want to.
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“It is not that we are leaving and there will be no trade with the European Union, that is nonsense.”
The deadline for a trade agreement between the UK and the EU is rapidly approaching.
The deal will need to be agreed upon before the December 31, 2020 deadline in order to be ratified by the UK and EU Parliament.
The major sticking points throughout the final phase of the trade talks have been accessing British waters and the EU’s insistence on a level playing field.
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On Sunday Boris Johnson and Ursula von der Leyen issued a joint statement outlining a further extension of trade talks between the UK and EU.
Mr Johnson and Ms von der Leyen said: “We had a useful phone call this morning. We discussed the major unresolved topics. Our negotiating teams have been working day and night over recent days.
“And despite the exhaustion after almost a year of negotiations, despite the fact that deadlines have been missed over and over we think it is responsible at this point to go the extra mile.
“We have accordingly mandated our negotiators to continue the talks and to see whether an agreement can even at this late stage be reached.”
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