Britain should be willing to accept "a few tariffs" under the World Trade Organisation (WTO) rules in order to regain control of its borders and establish a new points-based immigration system akin to the U.S., the chairman of British pub chain J D Wetherspoon has said.
Tim Martin, founder of the chain which employs some 37,000 people across the U.K., told CNBC Wednesday that paying international tariff rates would still leave British businesses in a better position than under a deal with the European Union.
The U.K. is currently negotiating its split from the EU following the Brexit vote of June 23 last year. It is estimated that U.K. businesses could face tariffs of £5.2 billion ($6.6 billion) per year on exports to the EU if it fails to negotiate a deal, according to think tank Civitas. Under WTO rules, tariffs range from 32 percent on wine to 9.8 percent on cars.
Though Martin admitted a free trade deal would be better, he said it was "quite possible" to pay "a few tariffs."