Playing the game without a say in the rules: how Britain would trade outside the EU

Pro-Brexit campaigners are keen to cut tariffs. But tariffs only play a small role in international trade, says Steve Woolcock. Much more costly are the non-tariff barriers, such as border controls, customs and food standards and regulations, and these are shaped by preferential agreements such as the EU’s single market or TTIP. Were Britain to leave the EU, it would still have to obey the regulations of its trading partners – which are very unlikely to abandon them as a result of Brexit – and would no longer have a say in drawing them up.