UK Would Be Only Country To Trade Exclusively On WTO Terms, Expert Tells James O'Brien

18 July 2019, 11:36 | Updated: 18 July 2019, 11:43

The WTO was only ever meant to be a safety net and the UK would be the only country trading exclusively on its terms, according to the Secretary General of the International Chamber of Commerce.

Today, the Office for Budget Responsibility, an independent watchdog, warned a no-deal Brexit could lead to a 2% fall in real GDP by the end of 2020 and a sharp fall in the pound.

Speaking to James O'Brien, Chris Southworth revealed our countries are baffled by our decision to turn our back on the Single Market.

He said: "From a trade point-of-view, it doesn't make any sense at all. Our international audience are flabbergasted by what we're doing, particularly as it's a voluntary decision.

"Why would you leave the Premiership of trade, which is the Single Market, to trade on a less preferential set of terms in what would be the first division? It doesn't make any sense."

James O'Brien spoke to Chris Southworth about WTO trading
James O'Brien spoke to Chris Southworth about WTO trading. Picture: LBC

Mr Southworth explained that to get to the level we are currently at, the UK will have to negotiate trade deals with 120 countries: "No one has ever done that, certainly not at the scale and pace we are proposing to do it. And the average time to negotiate a trade deal is 5-7 years.

"Nobody trades on WTO rules.

"Everybody ultimately trades with their neighbours first and the WTO rules are there as a backstop, a safety net. But in reality, every other country has much more sophisticated trade relationships.

"If the UK crash out of the EU, we really will drop down to that safety net and that is unheard of for a G20 country, let alone a G7 country."

It's a fascinating insight from a man who really knows what he's talking about. Watch it in full at the top of the page.

More James O'Brien

See more More James O'Brien

Exclusive
Shahd Waleed is trying to leave Rafah with her parents and enter Egypt

'They want us to experience pain': Young woman trapped in Rafah with her parents tells of terror as Israel invasion looms

Sir Keir Starmer has defended comments he made about Margaret Thatcher earlier this month.

Starmer defends Thatcher comments as he says he ‘completely disagrees’ with former prime minister’s politics

A caller to James O’Brien’s programme has shared footage of the extraordinary destruction done to his newly purchased property just outside of Durham.

Property investor's shock at 'unexplainable level of damage' he discovered after buying new home

Exclusive
James Cleverly replaced Suella Braverman as home secretary on Monday

'I've spent more time with James Cleverly this week than with Suella Braverman in the last year', Sadiq Khan tells LBC

James O'Brien discusses Suella Braverman's 'destructionist' leadership style with a caller

'She's a destructionist': James O'Brien caller claims Suella Braverman governs like 'a five-year-old'

James O'Brien

'She definitely has something on him': Caller and James O'Brien debate why the PM hasn't sacked Suella Braverman yet

'A complete reset of the top' is needed says caller.

'We're being let down': There is a 'complete disconnection' between parliamentary and local Conservatives says caller

James O'Brien

'It's essential that people are able to protest peacefully against war', says James O'Brien

James O'Brien

Rishi Sunak 'almost physically moves away' from Suella Braverman in House of Commons debate, says James O'Brien

James O'Brien

'Suella Braverman succeeded - she's caused hate', claims caller after Home Secretary criticises pro-Palestine marches

'A fish rots from the head': James O'Brien caller reacts to claims of misogyny in Downing Street during Covid Inquiry

'A fish rots from the head': James O'Brien caller reacts to claims of misogyny in Downing Street during Covid Inquiry

'Ludicrous, bogus, nonsense': James O'Brien is astounded by Boris Johnson 'laughing at Italy' during the pandemic

'Ludicrous, bogus, nonsense': James O'Brien is astounded by Boris Johnson 'laughing at Italy' during the pandemic

James O'Brien on Dagestan

'It's a hatred as old as religion itself': James O'Brien analyses escalating anti-Semitism after Muslim crowd storms Dagestan airport

Carol Vorderman shocked about UK Poverty

'One million children are living in destitution': Carol Vorderman struggles to comprehend stark wealth inequality in the UK

Wes Streeting on dentistry

Wes Streeting invites the government to steal Labour's policy to solve 'dickensian' NHS dentist crisis

James O'Brien

'I think they're the loneliest voters in Britain', James O'Brien claims after Tories' double by-election defeat

JOB and caller Andy

Biden's visit to Israel is to show that the US stands 'unequivocally' with Israel says James O'Brien caller

JOB and Usman

Israel's current response will only 'strengthen' Hamas by rearing Gazans who seek revenge warns this James O'Brien caller

JOB on deaths in conflict

James O'Brien unpacks the 'controversial' feeling of being 'equally devastated' by Palestinian and Israeli deaths

JOB on starmer speech

Keir Starmer is using 'working class as the opposite of having a sense of entitlement', notes James O'Brien

JOB on HS2 promises

James O'Brien criticises Rishi Sunak's watering down of 'illustrative' Network North projects funded by HS2 cut

Sadiq Khan and James O'Brien

Sadiq Khan declares there is 'no place for anti-Semitism' in London as kosher restaurant in Golders Green attacked

James O'Brien on the challenge HS2 scrappage poses to Labour.

‘How much can Rishi Sunak knock down before Keir Starmer becomes Prime Minister?, asks James O’Brien

James O'Brien

Rishi Sunak is like an 'incontinent cat': James O'Brien slams Tories ahead of PM's Party Conference speech

JoB and Jeremy Hunt

Navy veteran deeply hurt by Jeremy Hunt's plans to clamp down on benefit claimants

James O'Brien on Tory tactics in the upcoming election.

Tories desperately seeking wedge issues is the 'only way' they will retain power in 2024, says James O'Brien

James and caller Mervin on knife crime

'I'd prefer you to go to jail than die': James O'Brien is left aghast by this caller's father's stance on knife possession

James O'Brien

James O'Brien ridicules those prioritising Labour's private school VAT plans over the cost of living crisis

James O'Brien

'I mean this is a novel': James O'Brien hears why this caller blames Labour for HS2 problems

James O'Brien

James O'Brien takes aim at uninformed 'idiots' criticising Keir Starmer for not wanting to diverge from EU rules

JOB on Rishi Sunak Bins

Rishi 'seven-bin' Sunak is lifting bans that 'don't exist', asserts James O'Brien

JOB

Rishi Sunak's weakening of Net Zero policies is his 'stupidest intervention' to date, asserts James O'Brien