Economists and MPs have said the increasingly likely scenario would mean the UK is free to strike a string of deals with emerging global powerhouses.
Today’s special investigation is the first in a series in which the Daily Express, the newspaper that led the crusade to leave the EU, examines the positive impact Brexit will have on key areas that affect millions of Britons including borders and security, agriculture and farming, finance and the NHS.
Our first analysis into the trade if there, if no deal is reached with the EU, has uncovered widespread Brexit optimism.
It comes as even the EU’s own forecasts predict that 90 percent of future global growth is set to come from outside
A series of experts told us they were adamant Britain has nothing to fear and everything to gain from a no deal scenario and doing business on World Trade Organisation terms would boost developing economies currently shackled by EU protectionism while lowering the prices of everyday goods for families here.
They were backed last night by MPs who have no concerns if Britain is forced into trading with WTO tariffs.
The Brexiteers are among a growing number who want the so-called Chequers Deal, which paves the way for a soft Brexit, ripped up.
In its own bleak economic assessment the European Commission used International Monetary Fund data to reveal that in 2020, 90 percent of world GDP growth will come from outside the EU.
15 of the 22 largest exporters to the EU trade under WTO rules (Image: getty)
The forecast for the EU was £18trillion while world GDP is expected to reach £115trillion.
Respected economic experts say Britain has a once in a lifetime opportunity to seize the chance to lead international trade.
A report published this month by Economists for Free Trade criticised Treasury predictions that formed the centrepiece of pre-referendum Project Fear.
They cited IMF statistics that revealed 15 of the 22 largest exporters to the EU trade under WTO rules and increased their EU exports by135 percent between 1993 and 2015.
The other seven had bilateral trade agreements and increased their exports by 107 percent.
The 12 original EU members increased their intra-EU trade by 70 percen while the UK increased its trade with the EU by just 25 per cent.
UK goods exports to the 111 countries with which it trades under WTO rules have grown at three percent a year three times faster than the UK
trade with the EU. Economist Michael Burrage, who wrote the EFT report, said: “Adopting WTO rules will be the very best option in terms of political consequences and that there is no evidence that EU membership had boosted UK economic growth.
“It never occurred to them the UK might sensibly trade under WTO rules for a limited period post- Brexit, while it put in place free trade agreements and selectively established unilateral free trade, is selected areas in order to become the world leader in the free trade that it aspires to be.”
The Government has signaled it wants a time-limited transition period after Brexit, during which time Britain effectively remains part of the single market and the EU customs union. And after that, it wants to strike a comprehensive free trade agreement between the EU and the UK.
But time is running out and if no deal is struck by the time we leave in March the UK will revert to trading under WTO rules.
Under this scenario, Britain can enter into free trade agreements without the imposition of costly tariffs.
David Paton, professor of industrial economics at Nottingham University Business School, said: “Brexit provides the UK with a historic opportunity but only if we choose to free ourselves from EU protectionism and leave the customs union and single market.
“By doing so, we can expand our links with the fastest growing economies around the world, decrease prices in the shops and re-design our economic and tax policy in a way which works for the UK rather than having to do as we are told by the European Commission.”
Hundreds of British companies are now waking up to the fact the global economic axis is shifting towards emerging markets with an insatiable thirst for British products.
Bolney Wine Estate near Haywards Heath, West Sussex, which was visited this week by International Trade Secretary Liam Fox, is one of tens of thousands lining up international trade agreement
