REGULATION
Brexit
In the pages of today’s newspapers you will often see reports of the European Union demanding a divorce settlement of such a size from the United Kingdom in lieu of spending commitments already agreed by the outgoing member of the European Union.
Although notice to leave the European Union by the United Kingdom under Article 50 of the Lisbon Treaty was served in March 2017, it took nine long months before both parties began to discuss the form that a future trading relationship would take.
Trade between both the UK and the EU is important. On the 19th December the House of Commons released a briefing paper showing that the United Kingdom was the European Union’s largest single trading partner. In 2016 exports from the UK exports to the EU amounted to £236 billion, the value of EU exports to the UK was £318 billion or just over half of all imports to the UK including German cars, French wine and Spanish chorizo.
In the absence of a trade deal with the EU, the UK has stated that it would revert to World Trade Organisation (WTO) terms. Although the value of general tariffs under these rules would amount to around 3.5% of the value of goods, the lack of a trade deal will be in no parties best interest.
58 LUBE MAGAZINE NO.144 APRIL 2018
The importance of being good neighbours David Wright, UKLA Director General
In order to thrive economically, businesses need certainty to recruit new staff and invest in new production efficiencies including plant and machinery. The trend over recent years to treat the European Union as a single market is the right one. Realising logistical efficiencies by siting warehouses or blending plants on the continent close to major communications helps businesses to keep costs down while providing a better service to customers.
As we get nearer to the date of the UK’s departure
from the European Union which is being enshrined in law by the UK Government as 11pm on Friday 29th March 2019, realism will become more apparent between both parties and the sense that a trading deal is good for both sides will become the overriding aim.
Whatever the terms that are decided when the UK leaves the European Union, it will still remain a close neighbour situated just off the north-west coast of mainland Europe.
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