Britain and Europe need to find a "bespoke" solution or risk economic fallout

The leading European Parliamentarian for the Single Market and East Anglian Euro MP, Vicky Ford has warned that negotiators on both sides of the channel need to find new solutions for the future EU/UK relationship, or risk economic disruption.

Addressing the Institute and Faculty of Actuaries (IFoA) Autumn Lecture Mrs Ford warned that no "off the shelf" solution met the needs of the UK or EU and that it is important to find a deal which delivers Brexit, whilst reassuring those who voted remain in the referendum.

Mrs Ford said,

"The Swiss solution does not give stability for those seeking to invest in our economy, our trade is too diverse for the Norwegian solution which requires national legislators to cut and paste EU laws onto domestic statue books and the Canada model would not cover key sectors like digital, financial services or medical research.

It is in both sides interests to find an alternative solution. Both the UK and the EU will be stronger when addressing global challenges if we develop a model which enables close cooperation but respects our different approaches to certain issues."

Mrs Ford, who chairs the European Parliament Single Market Committee, has spent the past six months meeting industry leaders across the UK and EU and identifying key priorities to focus on in negotiations.

In a stark warning to politicians on both sides of the channel, Mrs Ford warned that both sides risk falling into a more detached relationship than necessary because of the rigid positions currently being taken on migration controls.

"We in the UK need to remember that free movement is a deeply cherished right to many in Europe, especially in former Soviet states where travel and relocation was often not permitted. It is also important that negotiators across the EU are honest and accept there are a number of interpretations as to what free movement means. Many countries already have migration controls as well as preferential access to the European Single Market."