“The new UK Global Tariff (UKGT) announced yesterday provides some hope [for free marketeers] since it reduces or eliminates a number of EU tariffs, leading to 60% of UK trade being tariff-free” says Professor Syed Kamall, Academic and Research Director at the Institute of Economic Affairs.

Writing for CapX, Syed acknowledges that while some would have liked the government to go further, is has not done so “partly due to the political economy of international trade, which often leads to dispersed gains and concentrated losses.”

Read the full piece here.