In an article for the Telegraph, the paper’s business editor, Peter Marshall, suggested that the UK would lose out on billions of pounds of foreign direct investment, in particular if the Brexit deal was scrapped.
The paper’s former managing editor, Stephen Baxter, tweeted: I’d like to ask you about this article in the Telegraph on Friday: https://twitter.com/StephenBaxter/status/774868283889692848 “If the UK doesn’t negotiate a better deal, then billions of dollars worth of foreign investment from other countries will be lost,” he wrote.
“How many of these will be from other nations, I’m not sure, but they’ll be a huge number,” Mr Baxter added.
“We will lose out.”
Mr Baxter has previously suggested that Britain could lose as much as £2 billion a year from the EU as a result of Brexit.
The Brexit negotiations are scheduled to start on April 1.
The FT’s Brexit correspondent, Daniel Hannan, wrote: It’s worth bearing in mind that Britain’s GDP is about £13.5bn.
If the UK had a deal on the table with the EU on a free trade deal, which it won’t, we would lose as many as £1bn a year in GDP.
And the EU would lose another £1.5 billion in GDP as a consequence of Brexit, to the tune of £7bn a day.
So the loss is huge.
But if the UK was to leave the EU without a deal, we’d lose billions more.
The cost is even higher if the negotiations were conducted in a way that the British government had no say in.
“If Britain were to withdraw from the single market, as it did under the WTO agreement, and the EU were to impose tariffs on our exports, then we’d be losing billions of euros a year,” Mr Hannan wrote.
“So the cost of Brexit to the UK is going to be substantial.”
The FT has not responded to The Sunday Telegraph’s request for comment.
The FT article on the Telegraph’s Brexit article was published just after it was revealed that the paper had been awarded a licence to use the phrase “Brexit means Brexit” in its daily Brexit-related articles.
The licence was given to The FT after it asked for it in the Brexit negotiations.
The newspaper has since changed its name and published an article titled “The Brexit-era trade-off: Why we have to pay for it”.
The article said the Brexit agreement would allow the UK to “continue to negotiate its own trade deals, such as the North American Free Trade Agreement (NAFTA), the European Free Trade Association (EFTA), and the World Trade Organisation (WTO).”
We have made no secret of our desire to get out of the EU, and we are determined to negotiate new trade deals for our own citizens, businesses, and investors.
We will never compromise on the benefits of Brexit for our citizens and our economy,” it added.
On the Telegraph article, Mr Baxter said: The FT and others like it have not been able to keep the UK in the single European market.
We have been forced to accept free movement of people and services and we’ve had to pay billions of pound in taxes.
He wrote that it would “not be fair to lose the opportunity to renegotiate our terms of our membership of the single EU market”.’
Frictionless Brexit’ The FT article also said the FT would have “no say” in the negotiations, but it will continue to publish “Brexit-related content”.
“I’m not going to get involved in negotiations with you. “
I’d like you to ask the FT’s business editors if this article makes them feel any better,” he tweeted.
“I’m not going to get involved in negotiations with you.
‘Foolish’ to make ‘Brexit news’ Mr Baxter also tweeted: The Telegraph will continue its Brexit coverage regardless of the Brexit outcome, but the FT has no say on what it says. “
They have no right to interfere in your reporting, and I’m sure the paper will respect that.”
‘Foolish’ to make ‘Brexit news’ Mr Baxter also tweeted: The Telegraph will continue its Brexit coverage regardless of the Brexit outcome, but the FT has no say on what it says.
The Telegraph’s business reporter, Matthew Goodwin, said the paper “will continue to cover the UK’s exit from the European Union in the way that is appropriate”.
He said: We have a number of policy areas in our Brexit coverage that are not covered by the FT, and so will be able to continue in our coverage.
‘Unfair and misleading’ In a separate tweet, Mr Goodwin wrote: “As a British newspaper, I do not believe we have a role to play in the negotiation of a better Brexit.
I think it is unfair to make Brexit news about us, and misleading to readers.”
The Telegraph responded: The UK