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IEA comments on the prospect of a no-deal scenario post-Brexit

Ahead of DExEU minister Dominic Raab’s speech tomorrow on the Government’s plans for a no-deal, Victoria Hewson, Senior Counsel at the Institute of Economic Affairs said:

“The project fear stories we are faced with almost daily do not have to become reality. While a no-deal scenario is far from optimal, the UK has plenty of policy options available on a range of different matters if we were unable to forge a comprehensive deal with the EU.  As long as the Government makes arrangements to ensure a no-deal scenario is workable for businesses and consumers alike, we won’t run out of food, planes will still fly and the sick will still receive their medicines.

“In the case of medical supplies, the Department of Health should continue to recognise the EU’s marketing authorisations of pharmaceutical products; they should continue to recognise the manufacturing licences of the companies that provide our medical supplies – with the MHRA continuing regulation; and they should unilaterally eliminate all tariffs on pharmaceutical products to ensure they are imported tariff free. These steps will ensure access to safe medical products and devices. Supplies won’t dry up and prices for drugs won’t rise.

“Preparation for a no-deal scenario has been shockingly slow to get off the ground, but if sensible plans are made now, there is no reason the UK cannot flourish after Brexit, deal or no-deal.”

Notes to editors:

For media enquiries please contact Nerissa Chesterfield, Communications Officer: nchesterfield@iea.org.uk 020 7799 8920 or 07791 390 268

To read the IEA’s full Brexit briefing on provision of medicines in a no-deal scenario please click here.

The IEA’s ‘Putting some flesh on a ‘bare bones’ Brexit’ can be downloaded here.

The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems and seeks to provide analysis in order to improve the public understanding of economics.

The IEA is a registered educational charity and independent of all political parties.