Trade - is free trade fair?
Post BREXIT, the first trade deal has been deliberately designed to put grit in the wheels of trade with the EU. Now comes India and Australia and the US looms, all part of the new Global Britain. As with almost all trade deals, agriculture tends to be a big issue despite its relatively small part of the economy – just 0.6% of UK GDP. Much of it is simply uncompetitive. Sheep farming in the hills cannot match the costs of Australian ranches. It is claimed that the welfare and environmental standards are lower, though this may be less than it seems. Then there is the important bit of carbon, and the need for a carbon border adjustment. Fair trade needs a level playing field. In such a new world, the scope to redirect subsidies to make better use of the land should trump protectionism for farmers.