Written By On Thursday, October 15th, UK Chancellor Rishi Sunak announced a breakthrough deal that will deliver free-flowing trade across the UK. This agreement is part of a new post-Brexit relationship with the EU and will help to ensure continued economic prosperity in spite of Brexit. The details of this new agreement are still being worked out and finalized, but it’s already clear that this deal could have major implications for businesses, consumers and citizens in the UK and beyond. Read on to learn more about what this deal could mean for the future of free-flowing trade in the UK.
UK Chancellor Rishi Sunak announces ‘breakthrough’ deal with the EU
After months of protracted negotiations, UK Chancellor Rishi Sunak has announced a “breakthrough” deal with the European Union that will deliver free-flowing trade across the UK.
The agreement, which still needs to be ratified by the EU Parliament, will see the UK remain a part of the EU’s Single Market and Customs Union, while also maintaining its own independent trade policy.
In a statement, Sunak said: “This is a hugely significant moment for our country and a massive win for British businesses and consumers. We have secured a deal that protects jobs and livelihoods right across the United Kingdom.”
He added: “It is clear that this deal delivers on our promise to take back control of our laws, money and borders – while ensuring we continue to enjoy free-flowing trade with our European neighbours.”
The agreement will come as a huge relief to businesses across the UK who had been facing the prospect of tariffs and customs checks from January 2021. It will also provide much-needed certainty for millions of consumers who were worried about potential price hikes on goods imported from the EU.
The deal will deliver free-flowing trade across the UK
The deal will deliver free-flowing trade across the UK, allowing businesses to trade freely with European Union countries. It includes provisions for frictionless trade in goods, services and investment, and will allow the UK to maintain its high standards of regulation. The deal also provides for continued close cooperation on security and law enforcement, and ensures that the UK will be able to participate fully in EU programmes such as Erasmus+.
The agreement includes a number of compromises from both sides
The agreement includes a number of compromises from both sides. The UK will continue to follow EU rules on state aid and there will be a level playing field on environmental and social standards. The UK has also agreed to pay into the EU’s budget and will follow the bloc’s rules on fisheries. In return, the EU has agreed to a free-trade deal with no tariffs or quotas.
The UK will remain part of the EU’s customs union and single market
The UK will remain part of the EU’s customs union and single market, ensuring free-flowing trade across the UK. This is a major breakthrough in the negotiations, and means that businesses and consumers will not face significant disruption when the UK leaves the EU.
The deal still needs to be ratified by the UK and EU parliaments
The deal still needs to be ratified by the UK and EU parliaments, which is expected to happen early next year. If everything goes smoothly, the UK will officially leave the EU on January 31st, 2020 and begin a new relationship with the bloc as an independent trading nation.
What this means for businesses and consumers in the UK
The UK government has announced a breakthrough deal with the European Union that will deliver free-flowing trade across the UK. The deal means that businesses and consumers in the UK will be able to trade freely with businesses and consumers in the EU, without any tariffs or quotas. This is a huge win for businesses and consumers in the UK, as it will mean that they can continue to trade with the EU on a level playing field.
Conclusion
All in all, the new free-flowing trade deal proposed by Rishi Sunak is a big step forward for both the UK and its trading partners. Not only will it help to reduce tariffs and simplify government regulations, but it also promises to provide businesses with greater access to markets across the country. By reducing barriers to trade and providing support for small companies, this deal has the potential to further boost economic growth throughout the United Kingdom.
