Brexit Transitional Deal Needed by End of March, Says FCA's Bailey

Feb 07, 2018, 00:53
Brexit Transitional Deal Needed by End of March, Says FCA's Bailey

Before meeting the UK's Brexit minister David Davis on Monday, Barnier said that there was not a minute to lose in talks on Britain's divorce with the bloc.

Speaking after talks in Number 10, he said: "The only thing I can say is that without a customs union and outside the single market, barriers to trade in goods and services are unavoidable".

In a Downing Street briefing before Theresa May, the prime minister, met Michel Barnier, the chief European Union negotiator, a new line in the sand was drawn on a previously ambiguous but crucial area of the British negotiating strategy.

Downing Street on Monday sought to defuse a row within the Conservative party about the customs union, stating that Britain would definitely be leaving it. Mr Davis said, however, that a new customs arrangement should be part of a future free trade agreement with the EU.

Panicos Demetriades: Well I think it's a play on words in some sense because I think they always wanted to be able to strike deals with countries from outside the European Union, that was very clear.

Details are still vague, but it has been announced this morning by 10 Downing Street that United Kingdom has categorically decided it will be leaving the Customs Union after Brexit on 29 March 2019.

They want to be able to strike trade deals with other countries and for that they can't really have customs unions.

Writing in The Sunday Telegraph, Mr Jenkin said that it was now time for all ministers to get behind the PM and support the agreed Government position.

Those competing concerns have worked to keep Theresa May safe as Prime Minister and Conservative Party leader.

Shadow Northern Ireland secretary Owen Smith slammed the "cavalier attitude" of the Prime Minister and said leaving the customs union would threaten the peace process. Most importantly, they'll want to know what will replace the customs union and how they can safeguard their organizations.

"We need to have this wider agreement". It is not our policy to stay in the customs union.

"As far as customs go, the British government has already agreed a very close degree of alignment with European Union regulation if its promises on the Irish border mean anything", Bush says.

Britain can not keep its EU trade perks if it quits the customs union, the European Commission has warned as Brexit talks resume.

She went on: "I completely understand businesses want to know, of course people want to know what is taking place post-'21 but if I put that in terms of the timeline, that does reduce the urgency".

The Confederation of British Industry has called for Britain to stay in a customs union and Chancellor Philip Hammond last month also left open the possibility of Britain joining a new customs union.

It came as reports circulated of a plot to topple May if she bowed to the will of remain MPs, with Boris Johnson, Michael Gove and Jacob Rees-Mogg touted as a potential leadership trio.

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