Brexit: TTIP post-Leave vote could be disastrous for Britain

Britain faces a "disastrous" trade deal with the United States after leaving the European Union, campaigners have warned.

Early on Friday (24 June) morning, it was confirmed the UK had voted to leave the EU, after the vote Leave campaign secured 52% of the votes in the referendum. The news triggered turmoil in global financial markets, with the FTSE 100 and Dow Jones down more than 2%, while the major European benchmarks plunged more than 7%.

The Transatlantic Trade and Investment Partnership (TTIP) trade deal with the US has attracted criticism from a number of European politicians, who have voiced concerns the agreement might open public sector organisations up to privatisation.

Critics have also suggested the deal could see environmental and food regulations watered down. French President François Hollande said his country would oppose "unregulated trade", while Germany's agriculture minister, Christian Schmidt, has also come out against the proposal and UK campaigners have now warned the deal could be "even more disastrous" now that Britain will leave the EU.

"Alongside US lobbyists, the British government has done everything possible to push the most extreme and toxic version of TTIP," said Nick Dearden, director of Global Justice Now.

"So there's every reason to suspect that the UK will look to develop a bilateral deal with the USA that could end up being even more disastrous for labour protections, consumer standards and public services than TTIP was going to be."

Outside the EU, Britain's market would be smaller, therefore the UK could have less bargaining power with the US.

"There's every reason to suspect that the UK will look to develop a bilateral deal with the USA that could end up being even more disastrous for labour protections, consumer standards and public services than TTIP was going to be," added Dearden.

However, he insisted the proposed deal was "on the verge of defeat" given the level of opposition across Europe, adding the UK had to stop its "market fundamentalists".

"Working alongside civil society, social movements and progressive MEPs from across Europe, we were in a really strong position to derail TTIP," he said.

"Brexit means that we need to redouble our efforts to stop the UK's free market fundamentalists from enabling massive corporate power grabs through bilateral trade deals."