Britain's Brexit trade-offs

The Capitalist

From an intricate knowledge of regulatory alignment versus regulatory equivalence to the difference between the customs union and a customs union, everyone interested in British politics suddenly has very strong views on the technical details of trade policy.

But while most of us have been hurriedly scrubbing up on all things trade, for others this is their bread and butter. Allie Renison is head of trade policy at the Institute of Directors and is someone who actually knows what she is talking about on this all-important but often technical subject.

When it comes to Britain's future trading relationship with the EU, Allie is an advocate for a partial customs union, which would minimise the impact of our departure on manufacturing firms embedded in European supply chains while giving the UK the freedom to forget its own trade policies and seek free trade deals with other countries in areas not covered by its deal with Europe.

On the latest episode of Free Exchange, I spoke to Allie about Britain's options in its negotiations with Europe, the pros and cons of her proposal, what Trump really thinks about trade and, more generally, the health of free trade around the world.

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