Brexit: PM Sunak Rules Out Swiss-Like EU Deal

    Photo: AP [via Market Watch]

    The Facts

    • Speaking at the Confederation of British Industry (CBI) conference in Birmingham, England on Monday, UK PM Rishi Sunak denied reports that his government was pursuing a Swiss-style post-Brexit agreement with the EU.

    • A report in the Sunday Times claimed Sunak was seeking something similar to Switzerland, which has access to the EU single market and removal of checks on many goods but is part of the Schengen common travel area and pays into the bloc's funds.

    The Spin

    Right narrative

    While Sunak's supposedly pro-Brexit, conservative government continues to preach about the need for more international trade to boost the economy, it is ignoring the obvious solution of lowering taxes for regular Britons to stimulate economic growth. The current high tax regime is stifling an economy already facing tariffs from the EU so, if the PM isn't considering a Swiss-style agreement to resolve issues in the treasury, he should try prescribing some affordable domestic remedies.

    Left narrative

    Despite tangible evidence of Brexit's failure and the fact that a majority of Britons have shown disapproval for the secession, Sunak's Conservative Party continues to tout their prized 2016 referendum as a success. While Sweden enjoys access to its partnership with the EU and the consequent economic benefits, the UK has raised taxes on its people and simultaneously become the only G7 nation with a smaller economy than before the pandemic. The Brexit reality is already biting Sunak's administration.

    Nerd narrative

    There is a 13% chance that the British pound will trade below $1 before 2023, according to the Metaculus prediction community.

    Public figures in this story

    Political split



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