WellTax Blog

UK ready for no-deal

August 7, 2020

During an informal dinner between Boris Johnson, British Prime Minister, and Angela Merkel, German Chancellor and President of the Council of the European Union until the end of 2020, it was reiterated the concept that the United Kingdom would be ready to leave the European Union without an agreement, should the 27 countries of the bloc demonstrate little inclined to compromise.

In fact, at the moment, the negotiations are still far from over, when there are now less than six months left to reach an agreement to avoid the no-deal.

The main reasons for the disagreement are three:

– Influence of European courts on British laws;

– Fishing;

– Balance between the UK’s willingness to loosen its rules and access to the single market.

Nevertheless, Boris Johnson said he was ready to intensify the talks between the parties in order to reach an agreement by the end of 2020.

However, if no agreement was reached by the end of December, the no-deal scenario will materialize and therefore from 2021 relations between the United Kingdom and the European Union will be regulated by the World Trade Organization. This would mean the introduction of duties, tariffs and customs controls, which would not benefit any of the parties involved.

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Photo by trendingtopics on Foter.com / CC BY

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