The presentation of the government’s budget before Parliament has always been an interesting affair. The perfunctory annual photo of the Chancellor of the Exchequer standing in front of Number 11 Downing Street with the red briefcase containing the Government’s budget for the year always seems to make a dull affair more interesting.
On July 12th, the UK government published a whitepaper specifying broadly their proposal for a post-Brexit relationship with the European Union. This much-anticipated document outlines the UK Government’s best-case scenario on customs and trade policy after the separation. The below details reflect the UK Government’s desired outcome, not the final agreement between the UK and EU.
Topics: Europe
At present, there seems to be a renewed interest in the venerable Winston Churchill in popular culture. Between John Lithgow’s portrayal in The Crown and Gary Oldman’s version in The Darkest Hour, we are presented with a reintroduction to some of Mr. Churchill’s more memorable quotes. One of my favourites is, “There is nothing wrong with change, if it is in the right direction.”
Unfortunately, this quote does not accurately reflect customs duty adjustments based on retroactive changes in transfer pricing agreements.
Topics: Europe
On March 29th, UK Prime Minister Theresa May sent a letter to European Council President Donald Tusk invoking Article 50 and providing formal notification that the UK will leave the European Union. The formal countdown clock is underway, and the UK and EU have two years to finalize the terms of the UK’s departure.
In reading the letter, there are a few statements that provide guidance on the potential future for customs legislation, as well as the trading relationship between the UK and EU.
Topics: Europe, Free Trade Agreements
Since the Brexit referendum was held, the UK government has focused significant time and energy on establishing a negotiating position for the separation. The policy was outlined in an early February 2017 whitepaper entitled, “The United Kingdom’s Exit from and new partnership with the European Union.” While not delving into significant detail on the referendum’s impact on trade, nor the UK’s negotiating tactics, the policy document outlines the ultimate goals for the separation.
Topics: Europe, Free Trade Agreements
