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New Brexit plan from the UK government

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New Brexit plan from the UK government
July 12
09:00 2018

The government of Great Britain decided that the withdrawal from the EU would be soft, without total phase-out of trade and financial relations. However, banks will not get full access to the European market.

The Brexit program says that all decisions in trade policy will be under control of the Parliament. It will have the opportunity to stray from the rules of the European Union. Thus, London will be able to depart from EU trade rules on its own initiative. The UK service sector will completely abandon the rules of the EU. The same applies to financial services. Relations between the parties in the sphere of goods and agricultural products will remain unchanged. However, many aspects can be discussed and changed during negotiations.

EU courts will no longer have power in the UK. But the domestic courts will pay more attention to the application of legal acts in the European Union.

Also, the UK wants to preserve seats in the EU regulatory bodies in the fields of aviation, chemical and pharmaceutical production.

The country will leave the EU in March next year, and the transition period will last until the end of the year.

Because of the split in the Cabinet Ministers about Brexit, David Davis, Secretary of State for Exiting the European Union, and Foreign Minister Boris Johnson left their posts. The controversy between supporters of a soft and hard exit from the EU has not stopped until now, and the final agreements require great diplomatic work. However, after talks with the EU, the ministers have already said that Britain was going to form a free trade zone with the European Union. It will also comply with individual decisions of the EU Court.

 

The material was prepared with the participation of Anjela Chromova,
a leading analyst of the brokerage company CT Trade

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