What trading outside the Single Market looks like

Once the UK has left the Single Market – and assuming it does not join EFTA or negotiate a bespoke deal with the EU – it will have to revert to World Trade Organisation membership. In this extract from its latest report, the LSE Growth Commission explains that in the absence of bilateral deals this will mean determining a universal set of tariff rates. Keeping nontariff barriers low will also be important. Given the UK’s dependence on trade with the EU and US, these deals must take priority over other countries.