Tony Blair speaking at Open Britain event

The video discusses the potential outcomes of failing trade negotiations, leading to trading on WTO rules. It highlights the complexities of removing tariff and non-tariff barriers, which could take years. The economic impact is significant, with currency devaluation against the euro and dollar, leading to higher prices for imported goods and an increased cost of living.

What are the potential consequences of failing to renegotiate trade agreements?

How do non-tariff barriers impact businesses according to the text?

What does the text suggest about the future of currency value against the euro and dollar?

What is implied about the price of imported goods in supermarkets?

In what ways has the cost of living been affected according to the text?