Brexit Deal, Government Announced Last Minute Important for UK Economy | politics

Business leaders and trade unions have warned that the UK economy is not ready for a devastating no-deal scenario, urging the government to sign a last minute Brexit agreement.

Along with the blade’s talks between the Boris Johnson government and Brussels, the pounding decline in the global currency market for fears that negotiations could end this week without negotiations has raised warnings from business and industry leaders.

It fell to $1.23, down 2 cents against the U.S. dollar, as negotiators began negotiations before the end of the Brexit transition period at 11pm on December 31, when Britain had access to a customs union and a single market. Set to expire. The pound later recovered to some extent, but still fell more than a cent to $1.3332.

Minette Batters, chairman of the National Farmers Association, said the signing of a contract is important to protect farmers’ access to the EU, the UK’s largest market, where 70% of agricultural exports are sold.

It is very important for the UK and the European Union to continue to negotiate free trade agreements and prioritize securing tariffs and quota-free deals as quickly as possible, she said.

If there are no deals at the end of the transition period, there will be considerable disruption to food and agriculture in the UK.

The boss of the company said there was still a big problem. Stephen Phipson, chief executive of the maker’s organization Make UK, said he wouldn’t have expected the industry to be in this position with manufacturing companies still unable to prepare.

Lack of clarity on the deal could lead to confusion within weeks, he added. The sector is now facing the unenviable choice of catastrophic zero-trade or last-minute trade, which will still damage much of the sector and threaten jobs and competitiveness. At least we need both sides to reach an agreement that will provide at least some degree of certainty and a starting point for industries across the UK and Europe.

According to statistics from the Bank of England, a survey of more than 3,000 company bosses released last week found that only 6% of businesses are ready for the end of the Brexit transition.

While 62% of businesses said they were as prepared as possible, the business group said most of them were unaware of the plan because details about the new deal were left to the last minute. Before Brexit, take the necessary steps for adjustment.

HMRC’s head Jim Harra told lawmakers on the Commons Treasury committee that Britain’s readiness for Brexit has improved in the government’s reasonable worst-case scenario announced in September. However, more work had to be done in both the UK and the EU to prepare.

Answering the question of Labor Congressman Rushanara Ali, Chief Executive Officer of HMRC: We keep monitoring. We have to be very careful and flexible at the moment. [after 31 December]. The latest information is that readiness has improved beyond the reasonable worst case the government announced a few months ago, so the disruption should be less than the reasonable worst case.

There may be localized influences, certain paths may be affected, and certain sectors may be affected. I think I have to continue supporting the business until after January 1st to manage this.

In the government’s reasonable worst-case scenario, announced in September, there were 7,000 trucks waiting in Kent and two days delayed crossing to the EU. Harra said the UK plans to ease import controls by July, which will help, but the EU has not paid back for increasing the likelihood of a delay.

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Even with a Brexit transaction, Harra said the company would incur additional costs of up to 7.5 billion due to the administrative burden of filling out customs forms. As EU membership, companies are required to submit 266 million forms, compared to about 54 million annually.

While businesses still needed key details about tariff rates and rules of origin, up to eight major British ports weren’t ready to use the new IT systems built to handle the movement of vehicles across the border.

The level of confidence that they and their carriers will be ready for use on day one is not where we want them, he said.

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