British MPs Reject Another Brexit Deal
On Tuesday 12th March, the British Parliament once again voted against Theresa May's latest Brexit deal. Despite efforts to address some concerns voiced in relation to the original deal, this second deal was immediately struck down by 149 votes. In light of this result, there will be another vote on Wednesday 13th March to decide on whether Britain should leave the EU with a deal or not.
No-Deal Measures in Place
With the final deadline for Brexit coming in 16 days, the government is introducing measures which will prepare Britain for a no-deal Brexit, protecting its citizens and businesses as much as possible. One of the measures introduced involves cutting tariffs on a range of imports coming from outside the EU. This measure will bring about a zero-tariff access to 87% of UK imports, which is a significant increase from the 80% currently in place. However, tariffs will be maintained to protect specific industries, most importantly, the agriculture industry. Although this is a temporary measure, it has been upheld that it will prevent a £9 billion shock to businesses and consumers in the UK.
In relation to the controversial issue on the border between the Republic of Ireland and Northern Ireland, the government upheld that it will not be introducing any new checks, controls or customs declarations on goods crossing the border if a no-deal situation comes into play. Although this should facilitate trade, many expressed concerns over smugglers taking advantage of this measure.
Uncertainty for Businesses
Although Wednesday's vote should provide an indication as to the immediate future of the UK, many businesses and consumers are still in the dark over what will become of the British economy post-Brexit. Studies have clearly shown that as a result of this uncertainty, UK-based businesses are creating hubs outside of the UK, particularly Asset Management Firms, Banks and Insurance firms.
Chetcuti Cauchi Advocates, an international law firm, is providing businesses with access to its webinar recordings on how to prepare for the new rules and policies which will ensue from a Post-Brexit world. These recordings target a wide range of industries, including Advanced Manufacturing, Aviation, Pharma, Insurance, Asset Management and Banking. Business owners and fellow competitors will be able to put their mind at ease on how to protect their businesses.
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