Failure to strike a trade deal with the EU would not be a disaster for the UK, according to the Institute of Economic Affairs (IEA). It said, ‘If a bad deal is offered by the EU, the UK should walk away and trade with the EU under World Trade Organisation (WTO) rules rather than a protectionist and costly agreement.’ The report calls for unilateral free trade after Brexit, ‘complemented by free trade agreements with partners including the US, Canada and Australia. This arrangement would lead to lower consumer prices, increased productivity and higher wages through removing barriers to imports.’ IEA research director Jamie Whyte said, ‘Many believe disasters will happen without a deal with the EU. In fact, we could eliminate all import tariffs, which would give us most of the benefits of trade, and export to the EU under the umbrella of WTO rules. Then we can seek free trade deals with all major trading partners, including the EU.’