Before leading the crowds in a chant of "we want our country back," Mr Farage said that Britain was "good enough and big enough to make our own trade deals and thrive as an independent nation."
If you want your country back then let's make June 23rd our Independence Day!https://t.co/3MiXaIhA1Z
— Nigel Farage (@Nigel_Farage) May 18, 2016
Sputnik spoke to Dr Richard Wellings, of the Institute of Economic Affairs, and John Edwards, of the Stronger In campaign, to take a closer look at the potential trade deals a Britain out of Europe would have to build, and the impact on the UK's trade economy.
On the topic of trade tariffs that may be applicable to Britain, Richard Wellings stated that it wouldn't be in other EU countries' interest for such tariffs to be imposed:
"They're all members of the World Trade Organization, so there is a limit to what they can do within that organization…It wouldn't be in their interest [to impose restrictive tariffs]. Look at a country like Ireland which could be destroyed by some sort of nasty trade war between Britain and the EU."
John Edwards does not agree, citing the specific example of Scottish services that could be at risk.
"The idea that if we pull out, and cause ructions from both sides, we could end up with a more advantageous deal than beforehand just doesn't seem to hold up… What is to stop those people pushing financial services in Paris and Frankfurt and pushing services elsewhere, to say ‘well we'd rather keep that service industry ourselves'… Manufacturing is one thing, but 80% of Scotland's trade with the EU is in services, and at the flick of a switch it could go somewhere else," Edwards told Sputnik.
If trade deals became an issue, would big businesses move elsewhere? Richard Wellings believes that there are too many incentives for big businesses within London for them to risk rocking the boat:
"London has so many attractions compared to other European cities. It has a depth of skills and specialist knowledge that can't be matched in other European cities…It would take an awful lot to wrench these advantages from London…In fact current EU regulations are pushing away companies to other financial centers like Hong Kong and Dubai. I think the real threat is staying in the EU and getting shut down by all this regulation over the longer term," Wellings told Sputnik.
John Edwards however highlighted the negative repercussions for big business if Britain left the EU:
"The trouble is, that if London and the UK came out of the single market, then other financial centers like Paris and Frankfurt would be rubbing their hands…We're at the intersection of the Anglosphere, the Commonwealth and the EU; the idea that pulling ourselves out of that situation is something that businesses will find comfortable, reassuring and stabilizing doesn't bear any relation. In fact [business] is saying ‘we don't need that kind of disruption,' " Edwards said.
