How the UK Can Benefit from a Free Trade Future After Brexit—Even Outside the Single Market

[This article was co-authored with David Paton and David Blake, and first appeared on] The benefits of free trade have been familiar to economists since Adam Smith. Trade encourages specialisation and leads to lower costs, higher productivity and higher living standards.
Yet for some economists, things are different when it comes to the UK leaving the EU’s customs union and single market. The customs union was built on the German Zollverein model of protecting domestic industries from foreign competition around the time of German unification 150 years ago. Today, free trade is promoted within the EU, which is good. But the

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