Be careful what you wish for. The people who showed up at the polls and voted to leave the EU did not understand the true implications of their vote, it seems. As the reality of Brexit come into focus, however, they are beginning to understand how dependent they were on free trade.
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Industry faces customs burdens and duplicate compliance costs
WHILE the UK Government has lauded its eleventh-hour agreement with the EU for a zero-tariff, zero-quota trade deal, businesses and industry groups have warned about a raft of issues that require further negotiation and clarification, and about new, costly administrative burdens that are impacting businesses and remapping supply chains.
On 24 December, in the wake of news that the EU and UK had avoided a no-deal Brexit, there was a wave of relief that importers and exporters would avoid tariffs. Trade group Make UK said a no-deal outcome would have caused catastrophic damage to manufacturing in Britain. The Chemical Industry Association (CIA) estimated it would have hit the sector with an extra £1bn in annual costs.
Home Inside the Brexit deal: the agreement and the aftermath
Inside the Brexit deal: the agreement and the aftermath
As businesses adapt to the UK’s new trade deal with the EU, negotiators on both sides reveal what really happened
World Economy News
22 Jan 2021 • 18 min read
The Brexit denouement had finally arrived. As the year drew to a close, Boris Johnson stood triumphant in the House of Commons and proclaimed the rebirth of Britain as “an independent nation” on the brink of a free-trading future.
“We are going to open a new chapter in our national story,” he declared on December 30, as MPs approved his EU trade deal, secured on Christmas Eve after months of painful negotiations with Brussels.