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Britain has been told to prepare for a no-deal Brexit when the transition period ends on 1 January 2021, after trade deal talks reached an impasse.
Old "Project Fear" scare stories from the 2016 Remain campaign about masses of customs paperwork and increased costs for traders, as well as restrictions on immigration for vital sectors, are becoming reality.
A 19th Century trade agenda will decimate the most productive parts of the 21st Century economy.
An EU-UK free trade agreement will result in new barriers to trade and border friction even if the UK chooses to unilaterally align itself with EU rules and regulations.
The biggest crisis of Brexit to date actually still lies ahead of us in late 2020.
Putting politics aside, let us look at a more technical aspect of free trade negotiations – rules of origin (ROO).
If you only trade within the UK and Europe, Rules of Origin will not have concerned you. Brexit could make these Rules become a serious concern to you.
Because of rules of origin, even if the UK enters into a trade agreement with the EU, UK manufacturers embedded in pan-European supply chains are going to face new bureaucracy and costs, with long-run implications for their continued viability.
The Tory leadership race has brought a no-deal Brexit closer. Most candidates have either elevated No Deal to a heightened form of Brexit - a "clean" Brexit - or have insisted it is preferable to an extension beyond the current Article 50 deadline of 31 October.
Even without the chaos of ‘no deal’, trading only on WTO terms post Brexit would mean substantial disruption to supply chains, with new tariffs, regulatory barriers and customs checks applying on day one of Brexit, explains Richard Barfield. Three sectors with the most jobs at risk are administration and support services, wholesale trade, and legal and accounting services.
A wave of disruptions is rocking the world trading system. Britain’s divorce from the European Union has turned messy, while the U.S. trade war with China has investors on edge. The cost of such risks is substantial, according to an analysis by Bloomberg Economics of OECD data.
The press is fascinated by a gimmicky idea also involving Britain, Australia, and New Zealand.
For 30 years the UK and Japan have been the best of trading partners – but no longer. What’s changed?
Trade board and certification body call for improved contingency plan to avoid potential nine-month trade delays.
This article, circulated widely on social media at the time of the referendum, claimed in error that EU tariffs starve African farmers. Since then it has been updated with an errata explaining its stated facts and conclusion are wrong. No tariffs are paid except on weapons. / NOTE: This article has now been removed from CAPX. We've linked to a copy from the WayBackMachine web archive.]
The Sun ... "we made our calculations on retail prices, when tariffs are actually applied when goods arrive in the UK. There were also mistakes in the calculations for individual items." / "The article also stated that we pay trade charges on more than 13,000 items from outside the EU. In fact, for many of these goods, no tariffs or charges are payable."
85% of world is joining trading blocs... as we decide to leave
As director of the Institute of Commonwealth Studies, I know what this institution does – and the notion that it can pick up the slack when the UK leaves the EU is nonsense.