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Trade Secretary Liam Fox wants to use executive powers – reserved only for ministers – to make a last-minute change to the Trade Bill which would allow the government to dramatically slash tariffs on all foreign goods.
It has been described by manufacturing union the GMB as “the ultimate Brexit betrayal”.
Fox revealed his strategy to industry leaders in behind-closed-doors meetings this week, blaming fears that inflation could see prices sky-rocket if Britain crashes out of the EU on March 29.
Business and chiefs are “deeply concerned” the Brexiteer minister risks “wrecking” homegrown industry, including farming and potteries, in one fell swoop, but Fox claims consumers will benefit.
Labour, meanwhile, said unilaterally switching all tariffs to zero would be an act of “sheer lunacy” which would give Brussels no motive to negotiate a future trade deal with the UK.
Industry leaders’ only hope of protecting firms from being undercut by competition from emerging economies, such as China and Brazil, was to demonstrate a “special case” by lobbying the trade secretary personally, it was also claimed.
The Prime Minister’s official spokesman confirmed HuffPost’s exclusive on Tuesday.
“We are currently considering all options for how to balance our interests effectively in the event of no-deal before making a final decision in the interests of UK industry and consumers,” he said.
“All the way through the process, we have been consulting with industry, including farmers.” [...]