British Finance Minister Sajid Javid, in an interview with The Financial Times, appealed to business representatives to abandon the promotion of ideas that the kingdom after “Brexit” should maintain current trade agreements with the European Union.
According to him, after Britain leaves the EU, there will be no trade agreements with Brussels, and entrepreneurs have already had three years (since the Brexit referendum in June 2016) to prepare for new trade relations.
“There will be no equalization of legislation; London will not follow EU rules. We will cease to be in a single market and will not be members of the Customs Union. We will do all this before the end of this year,”Javid said, adding that British companies need to learn soon how to adapt to the new reality.
Nevertheless, Javid gave a positive assessment to the prospects of Britain outside the EU: companies will “prosper,” and “human capital” will be the “mantra” for the British economy after Brexit. According to FT, companies are concerned about the risks associated with the UK withdrawing from the current trade agreement with the EU. Earlier, major British manufacturers warned the Cabinet of Ministers about the large costs and possible malfunctions.
When asked how a country’s exit from the European Union can affect supply chains, in particular in the automotive and pharmaceutical industries, Javid cited Japan as an example, which sells cars to European countries, but does not follow EU trade rules.
On January 9, the House of Commons of the Parliament of Great Britain approved in the third reading a bill authorizing the country’s exit from the European Union on January 31, 2020. 330 deputies supported the document, 231 spoke out against. In the near future, the bill will be considered in the upper house of parliament, after which it will have to be approved by the Queen.