BRITAIN is set to crash out of the EU without a trade deal – but will still thrive after Brexit, top tycoon James Dyson predicted today.
The inventor’s claim came as the former governor of the Bank of England called for a new team of civil servants to plan for a no-deal situation.
Sir James, known for his innovative vacuum cleaners and hand dryers, said talks with the EU were destined to break down.
But he added that even if we are forced to trade with Europe under World Trade Organisation rules, it will not hit the British economy.
Sir James told BBC Radio 4’s Today programme: “We’ve put forward very positive suggestions and they’re not being reciprocated by the other side.
“But that doesn’t particularly surprise me and I suspect that we’ll have to leave without a deal and that we’ll trade under WTO regulations – which frankly are going to hurt the Europeans more than the British.”
He said that his own firm is already forced to pay WTO tariffs when it imports goods into the EU because they are made abroad.
And he denied that leaving the European single market would damage British businesses.
Sir James said: “It hasn’t hurt us at all, we’re one of the fastest growing companies in Europe.
“We don’t view it as a single market, it’s actually a very complex and broken-up market.”
Last night Lord King – governor of the Bank of England until 2013 – said the Government needs to create a team of civil servants to plan for the collapse of talks.
He told Newsnight on BBC2: “If you’re going to enter a negotiation it’s actually very important that the other side of the table knows that you have a fallback position that you’re capable of delivering.
“That requires you to make clear publicly what the fallback position is.
“We have been waiting for over than a year now and I must say I’m not terribly impressed by how much of that fallback position has actually been stated, has been implemented and whether it’s actually being managed properly within the civil service and the government.”
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He added: “I think that you need a separate team who are responsible for ensuring that if the negotiations break down in some way – and we cannot control that, we have no influence over that – then we are capable of saying we are leaving and we can trade with you on WTO terms.”
Negotiators have held three rounds of talks with the EU in a bid to hammer out the terms of our departure.
The EU side has complained that Britain is being too inflexible – but ministers vow they will walk away from the talks if they cannot strike a good deal.