Jacob Rees-Mogg said a free trade deal after no-deal Brexit will boost everyone’s living standards – there’s just one problem

Lowenna Waters
Wednesday 06 March 2019 13:45
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Picture:(Getty Images / Twitter )

Jacob Rees-Mogg has taken to Twitter to claim that a free trade agreement will improve living standards for all, however there's just one problem.

In a tweet, Rees-Mogg shared a link to a Sky News article, in which it says that the government will slash up to 90 per cent of trade tariffs if the UK leaves the EU with no deal.

The Department for International Trade reportedly intends to cut 80-90 per cent of all tariffs imposed on goods imported into Britain in the case of a no-deal Brexit, according to Sky News.

However, the abolition of tariffs could ignite furious rows with producers, as it could eliminate margins and make businesses unsustainable.

Another catch is that until the UK has secured more formal trade deals, it's unlikely that the tariff reduction will be mirrored elsewhere, meaning UK exports could face significant barriers with current EU trade partners, reports Sky News.

Needless to say, many people on social media were quick to point this out.

While some supported his view.

Others thought it was ridiculous.

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