Thursday, 16 July, 2020


United Kingdom told to not kid itself over 'permanent equivalence' bid

European Union's Chief Brexit negotiator Michel Barnier said there will be no general global or permanent equivalence on financial services United Kingdom told to not kid itself over 'permanent equivalence' bid
Kristine Garrett | 13 February, 2020, 14:01

Mr Eastwood said the government had moved away from promises of "frictionless trade" and "borders of the future".

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Right up to Britain's January 31 exit from the European Union, the remaining member nations closely aligned their views during the drawn out withdrawal negotiations.

"We will minimise it, but it is in an inevitability of our departure", he told the event.

A report by the Lords' EU internal market sub-committee said: "Were this proposal (for double summer time) to become EU law under its current single market legal basis, Northern Ireland may be obliged under the terms of the Withdrawal Agreement and the protocol on Ireland/Northern Ireland to align with the EU and thus institute a time border with Great Britain".

During an adress to the European Parliament in Strasbourg today, Von der Leyen said she was surprised that Johnson had even raised the possibility of negotiating an Australia-style free trade deal, including quotas and tariffs with the EU, if he can't reach a comprehensive agreement.

"Were this proposal (for double summer time) to become European Union law under its current single market legal basis, Northern Ireland may be obliged under the terms of the Withdrawal Agreement and the protocol on Ireland/Northern Ireland to align with the European Union and thus institute a time border with Great Britain", the sub-committee's report said.

Multiple industry leaders told Business Insider this week that the prospective shape of Johnson's "Australia" trade deal risked severe damage to firms across the country which rely on cross-border trade and supply chains.

"This is indicated by statements by the Prime Minister and his advisers".

Northern Ireland signed Mr Johnson's deal to continue following European Union rules on goods and agriculture in order to prevent a hard border, but now the decision could mean the country operates a different time period for six months each year.

"I recommend that we stay ready for every option, including the one without a basic deal before December 31".

That is because Boris Johnson has calculated that Brexit is ultimately a political decision, not an economic one.

The EU as a whole is Britain's biggest trading partner.

However, the EU's chief negotiator, Michel Barnier, has already poured cold water on United Kingdom aims for a long-lasting equivalence deal, telling MEPs in Strasbourg on Tuesday that Britons should "not kid themselves".

Neither of those pills are ones that Johnson's administration is willing or likely to swallow.

In a speech setting out the UK's negotiating objectives, Mr Johnson said the question was whether to seek a Canadian-style deal or an Australian-style relationship, "and I have no doubt that in either case the United Kingdom will prosper".

Johnson's administration was elected on a mandate of "getting Brexit done" and reclaiming British sovereignty from Brussels.

Foyle MP Eastwood said Mr Gove's plan would create "unnecessary and politically motivated barriers to trade that will damage Northern Ireland's economy".

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