{"id":124749,"date":"2019-06-27T01:30:13","date_gmt":"2019-06-27T01:30:13","guid":{"rendered":"https:\/\/www.bnreport.com\/mark-carney-wrong-on-no-deal-brexit-trade-terms-says-boris-johnson\/"},"modified":"2019-06-27T01:30:13","modified_gmt":"2019-06-27T01:30:13","slug":"mark-carney-wrong-on-no-deal-brexit-trade-terms-says-boris-johnson","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/mark-carney-wrong-on-no-deal-brexit-trade-terms-says-boris-johnson\/","title":{"rendered":"Mark Carney wrong on no-deal Brexit trade terms, says Boris Johnson"},"content":{"rendered":"<p>Boris Johnson said Bank of England Governor Mark Carney was wrong to suggest the U.K. would be unable to trade on existing terms with the EU if it leaves the bloc with no deal.<\/p>\n<p>The front-runner in the Conservative leadership race insisted that using World Trade Organization rules to keep the same tariffs after a no-deal Brexit is \u201ccertainly an option\u201d and he bolstered his commitment to leave the EU on October 31, \u201cdo or die.\u201d<\/p>\n<p>Last week, <a href=\"https:\/\/www.politico.eu\/article\/bank-of-england-chief-no-deal-brexit-means-tariffs\/\" rel=\"noreferrer noopener\" target=\"_blank\">the Bank of England boss said<\/a> it would be impossible to employ the so-called GATT 24 clause if the U.K. quits the EU without an agreement in place.<\/p>\n<p>\u201cGATT 24 applies if you have an agreement, not if youve decided to not have an agreement or have been unable to come to an agreement,\u201d he told the BBC.<\/p>\n<p>Johnson accepted in a radio phone-in Tuesday that Carney was right to say \u201cthere has to be agreement on both sides\u201d but added he was \u201cwrong to say its not an option.\u201d<\/p>\n<p>He insisted on LBC radio: \u201cIt is certainly an option. I dont know whether he has said its not an option but people are wrong if they say its not an option. I dont think Mark Carney has said that.\u201d<\/p>\n<p>In his comments, Carney argued it could only be used between parties who already had a trade deal in place or are close to striking one.<\/p>\n<p>\u201cWe should be clear that if we move to no deal, no deal means no deal, it means there is a substantial change in the trading relationship with the European Union,\u201d Carney said. \u201cNot having an agreement with the EU means there are tariffs \u2026 because the Europeans have to apply the same rules to us as they apply to everyone else.\u201d<\/p>\n<p>Johnson argued that the GATT rules are \u201cperfectly clear that two countries that are in the process of beginning a free-trade agreement \u2026 may protract their existing arrangements until such time as they have completed the new free-trade agreement.\u201d<\/p>\n<p>He said the clause is a \u201cvery hopeful prospect\u201d for Britain and \u201cthe way forward.\u201d<\/p>\n<p>In <a href=\"https:\/\/www.politico.eu\/article\/boris-johnson-i-would-not-want-tariffs-in-no-deal-brexit-scenario\/\" rel=\"noreferrer noopener\" target=\"_blank\">an interview with the BBC Monday,<\/a> Johnson insisted his government would \u201cnever\u201d impose checks on the border in Northern Ireland and would not \u201cwant\u201d to impose tariffs on goods entering the U.K.<\/p>\n<p>Elsewhere on LBC this morning, Johnson said he would introduce legislation to guarantee the rights of EU citizens in the U.K. on \u201cday one\u201d of his premiership.<\/p>\n<p>He also suggested he would back <a href=\"https:\/\/www.prosperity-uk.com\/wp-content\/uploads\/sites\/43\/2019\/06\/AAC-Interim-Report-Executive-Summary.pdf\" rel=\"noreferrer noopener\" target=\"_blank\">a report by a nongovernmental commission<\/a> Monday that suggested creating a tradi<a href=\"https:\/\/www.politico.eu\/article\/mark-carney-wrong-on-no-deal-brexit-trade-terms-says-boris-johnson\/?utm_source=RSS_Feed&amp;utm_medium=RSS&amp;utm_campaign=RSS_Syndication\" rel=\"noreferrer noopener\" target=\"_blank\"><strong>Read More \u2013 Source<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Boris Johnson said Bank of England Governor Mark Carney was wrong to suggest the U.K. would be unabl..<\/p>\n","protected":false},"author":1,"featured_media":124750,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-124749","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - 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