George Osborne calls for UK to rejoin EU customs union and boost trade
Summary
George Osborne said that the UK economy has worsened since Brexit and that rejoining the European Union’s customs union would help improve trade quickly. He believes closer ties with the EU are important for economic recovery even though rejoining would be difficult.Key Facts
- George Osborne is a former UK Chancellor and was part of the government during the Brexit referendum.
- Osborne said Brexit has seriously hurt the UK economy, making the country poorer than it would be otherwise.
- He suggests that the UK should rejoin the EU customs union to improve trade with Europe.
- The customs union allows countries to trade goods without extra taxes or checks between them.
- Osborne said leaving the customs union was not discussed fully during the Brexit debate.
- He mentioned that promised trade deals with countries like the USA have not worked out as expected.
- Rejoining the customs union is simpler than rejoining the EU single market because it does not require accepting free movement of people.
- Osborne believes reviving trade and investment from Europe is necessary for the UK’s economic growth.
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