A week after Brexit, how are the UK and the EU getting on? Not very well, it seems

Last Updated: January 9, 2021By Tags: , , , , , , , , , , , , , ,

I was going to leave the headline as a rhetorical question but too many people would have tried to answer without reading the article.

And who can blame them? It all seems a nasty mess at the moment. But are these really only teething problems?

Here comes the list:

The UK and the EU are heading towards a confrontation over financial services after trading in £6 billion worth of euro-dominated shares started moving to European continental stock exchanges in Amsterdam and Paris.

UK financial service providers and banks have lost the so-called passport that gave them the right to operate without restrictions throughout the EU, and now depend on unilateral decisions from European authorities to extend them an “equivalence” based on regulatory convergence, sector by sector.

Bank of England boss Andrew Bailey has said the UK should not become a so-called “rule taker” by mimicking EU regulations just for the sake of obtaining an access to European markets.

To This Writer’s uncultured eye, he seems to be saying we should lose a lot of business. Or is he he suggesting that trade will come back to the UK if businesses see an advantage in trading outside EU regulations?

This is not likely to sort itself out for several years.

Marks & Spencer has discovered holes in the so-called “zero tariff” trade deal with the EU that means its Percy Pig sweets – manufactured in Germany, transported to the UK, and then re-exported to other countries like Ireland – would face taxation and bureaucratic “red tape” costs.

The firm has already dropped hundreds of products, including chocolate fudge pudding and sweet and sour chicken, from its Northern Ireland stores after it saw competitors’ lorries barred from travelling between the mainland and Northern Ireland.

John Lewis has scrapped deliveries of its products to EU countries (although the firm says this is because of a business decision to concentrate on the UK). Debenhams and Fortnum & Masons have also suspended deliveries to Ireland and the EU respectively, blaming uncertainty over post-Brexit trading rules.

Scottish seafood firms are already facing financial difficulty as new post-Brexit rules demand that every single box has to be offloaded from lorries, opened and checked by vets before leaving Scotland – creating five-hour delays per lorry.

And overseas customers are cancelling orders – putting the £1 billion-per-year business in jeopardy.

Expect much more of the same in the future.

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