WTO not Britain’s best option after Brexit, chancellor admits

Reciprocal tariff-free access would be better, Hammond said.

Philip Hammond, Britain’s chancellor, said Friday that relying on World Trade Organization membership would not be a good option for the U.K. after Brexit.

“In my view, the WTO option would not be the most favored outcome,” Hammond told reporters at an event in South Korea, according to Reuters.

“I hope that we would be able to agree with our European partners tariff-free access but on a reciprocal basis,” he added.

Under a WTO option, U.K. exports to the EU would face a significant hike in tariffs. Auto manufacturers, for example, would have to pay a 10 percent tariff on cars produced in Britain and exported for sale in the EU.

Click Here: IQOS White