LONDON — British Prime minister Theresa Mays latest Brexit proposal is “profoundly dangerous” and will “stifle innovation and stymie economic growth,” former U.K. Brexit minister David Davis said in an opinion piece for the Financial Times Sunday.
Davis, who resigned as Brexit minister six days ago, said Mays plan to commit to following EU rules when trading goods would put British democracy “at stake,” and kill any chance of a trade deal with the U.S.
Davis resigned following the agreement of Mays cabinet at Chequers earlier this month on a proposal that seeks to preserve frictionless trade in goods with the EU.
Davis slammed EU regulation, saying much of it “favors incumbent firms” at the expense of small, innovative entrants.
“Tying ourselves to EU regulations in goods without any say would mean that any new innovative U.K. company using artificial intelligence or biotechnology to develop life-changing products could find itself facing regulation that makes it uncompetitive to the rest of the world,” he wrote.
Davis reiterated his proposal for “mutual recognition” of rules that was advanced by his department under his leadership, which would allow “low-friction trade” while managing divergence in rules. He said if a sector prefers to follow EU rules, it “can and should,” but should still have the freedom to not to.
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