No Brexit deal? European Union releases strict fishing, trade rules for UK

No Brexit deal? European Union releases strict fishing, trade rules for UK

No Brexit deal? European Union releases strict fishing, trade rules for UK

"It's important that we have regulatory engagement now because we are dealing with practical issues. and they affect both sides", FCA Chief Executive Andrew Bailey said.

British businesses overwhelmingly want to stick to European rules after Brexit, according to the most detailed sector-by-sector analysis of what companies need the United Kingdom to fight for in negotiations. This contrasts with the British financial sector's call, backed by government, for a far more ambitious and novel financial services trade deal.

"Put simply, for the majority of businesses, diverging from European Union rules and regulations will make them less globally competitive, and so should only be done where the evidence is clear that the benefits outweigh the costs".

The CBI has suggested there are three principles that the Brexit negotiations should now focus on to secure the best deal for business and the United Kingdom economy: where rules are fundamental to the trade or transport of goods, the United Kingdom and European Union must negotiate ongoing convergence; as part of the new relationship, negotiators should set a new global precedent for liberalising trade in services and digital products and any alignment will need to come with mechanisms for influence and enforcement that benefit both sides.

The UK’s trade with the world’s leading markets has proved stable in 2017
The UK’s trade with the world’s leading markets has proved stable in 2017 TAN

The Financial Conduct Authority (FCA) has said financial firms should feel comfortable about relying on a transition deal agreed last month between Britain and the EU. With less than a year until exit day, what Brexit will mean is still unclear.

However, the CBI warned that a sector-by-sector approach to rules posed risks as sectors don't operate in isolation.

"Deviation from rules in one sector will have a knock-on effect on businesses in others, and divergence from rules in one part of a production process will have consequences for market access throughout entire supply chains". The EU has also rejected May's approach as cherry-picking.

The report shows that firms across the sector are concerned about prospects for the United Kingdom economy over the coming year, in particular when compared to the outlook for other G7 nations, although on balance most firms expect the economy to remain resilient overall. "A major acceleration in the partnership between business and the United Kingdom government is needed to make a success of Brexit".

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