Trade agreements with china

Border disruption with the EU, caused in part by Brexit, is expected to cause an economic hit in the first three months of this year, according to Whitehall's fiscal watchdog. In its latest economic forecast, the Office for Budget Responsibility said it expected "near-term disruption" to trade in goods with the EU to reduce gross domestic product (GDP), a measure of the size of the economy, by 0.5% in the first quarter of 2021. The OBR said its previous forecasts had "assumed a smooth transition" to the new trading relationship with the EU, with it expected traders would be given "time to adjust". A special edition of the Sky News Daily podcast will be available from 7pm. Budget 2021: All the key points But it noted that, while the UK had "delayed or reduced" the application of new border checks until later this year, the bloc had "applied full customs requirements due on exports from Great Britain to the EU" since the end of the Brexit transition period … [Read more...] about Budget 2021: EU border disruption to cause economic hit – and Brexit deal to see ‘4% shrinkage in long-term’

Uncertainty around the future of the Northern Ireland protocol has seen the construction of purpose-built inspection facilities at ports halted. There will still be checks on agricultural and food products, but these will be carried out in existing buildings that have been repurposed for the post- Brexit task, the country's agriculture minister has said. Gordon Lyons of the DUP said that recruitment of inspection staff for the new port facilities at places like Belfast and Larne had been stopped, and charges levied on traders bringing goods from Great Britain into Northern Ireland were also shelved. Mr Lyons said his decision was based on "practical difficulties" caused by the protocol, which came as part of the UK's trade deal with the EU. The agreement struck saw trade checks enacted on products travelling between Northern Ireland and Great Britain, however these regulatory and customs checks were moved to the Irish Sea to avoid a border on the island of … [Read more...] about Construction of post-Brexit inspection facilities halted in Northern Ireland

The UK has defended its unilateral action over the Northern Ireland protocol, calling the move "temporary and technical steps" which "largely" continue measures already in place. It comes after the European Union said it will take legal action over Britain's decision to continue Irish Sea border grace periods until October. European Commission vice-president Maros Sefcovic said the UK's move amounted to a violation of its post-Brexit obligations. The first of the light-touch regulation schemes on goods from the rest of the UK transiting to Northern Ireland had been due to expire at the end of March. Supermarkets would have had to produce export health certificates for all shipments of animal products since Northern Ireland is part of the EU's single market. Advertisement Cabinet member Lord David Frost said the UK's intervention should allow time for positive discussions with counterparts in Brussels. In an effort to ensure there is no hard … [Read more...] about UK’s unilateral action on Northern Ireland protocol ‘temporary steps’ as EU vows legal move

Rishi Sunak today presented yet another £65billion of Covid support in his annual Budget. The Chancellor extended most schemes until September and gave businesses another shot in the arm as they wait for a vaccine. But all that help comes at a cost, and we're not just talking about a hike in Corporation Tax. A stealth tax hike on working Brits will raise £8bn a year and schemes could run out in September while 2million are still furloughed. The Budget speech is always a triumphant affair, burying the awkward details to a few lines or none at all. To get a real feel for what's going on, you must read the hundreds of pages of documents slipped out when the Chancellor sits down. We're still trawling through the mammoth pile of Budget documents, including analysis from the Office for Budget Responsibility watchdog (OBR). But here are the biggest surprises in the small print that have leaped out at us so far. 1. NHS spending overall looks set to be cut Rishi Sunak said … [Read more...] about Budget 2021: 11 surprises hidden in the small print from ‘NHS cut’ to Brexit

SPAIN is looking at introducing UK travel corridors again this summer for Brits if the vaccine passport scheme doesn't go ahead. Secretary of State for Tourism, Fernando Valdés said if the immunisation certificate does not succeed, Spain is willing to consider bilateral agreements and corridors "with third countries", according to the Spanish press. This would include the UK. He explained: "The way to allow travel in Europe must be decided at the level of the European Union but if those decisions cannot be taken, we will think of other solutions such as corridors, green corridors with third countries that can help us to restart tourist flows." He said that the vaccination rollout in the UK meant that the summer is looking likely for Brits to return . Bookings to Spanish hotspots are already soaring following Boris Johnson's announcement of his roadmap to freedom which could see life return to normal by June 21. Mr. Valdés said decisions on allowing travel must … [Read more...] about Boost for Spanish holidays as country plans ‘green corridors’ for UK travel if vaccine passports don’t go ahead