Here is another huge problem, this time from the WTO
The World Trade Organisation has said that if Britain leaves the EU, extra tariffs imposed on imported goods could cost the British consumer £9bn. As the Press Association reports, WTO director general Roberto Azevedo said in an interview with the Financial Times that the UK would have to negotiate membership of the organisation - as it is currently represented by the EU - and trade deals with countries around the world.
- That will wipe out what we can do with the money saved theory, Azevedo went on to say
An exit from the EU, for example, would cause the UK to lose the preferential access to other markets covered by 36 trade agreements with 58 countries negotiated by the EU. As a result, to remain compliant with WTO rules the UK would have to impose higher “most favoured nation” tariffs on imports from those 58 countries while they would have to levy their own surcharges on British exports, Mr Azevêdo said.
A WTO analysis had calculated the cost of the additional tariffs on goods imports to British consumers at £9bn, while British merchandise exports would be subject to a further £5.5bn in tariffs at their destination.
“The consumer in the UK will have to pay those duties. The UK is not in a position to decide ‘I’m not charging duties here’. That is impossible. That is illegal,” Mr Azevêdo said.
The only other option available to the UK would be removing all barriers for all WTO members, effectively turning its economy into a duty-free one like Singapore and lifting the protections politically sensitive domestic industries enjoy under the EU. “That is possible. But that is also very unlikely,” he said.
Leaving really is suicide.