AUGUST 23, 2018
Reuters Staff
An official inspects a Union Jack flag next to the European Union flag, ahead of a meeting between Britain's Secretary of State for Exiting the European Union, Dominic Raab, and European Union's chief Brexit negotiator, Michel Barnier, at the EU Commission headquarters in Brussels, Belgium July 19, 2018. REUTERS/Francois Lenoir
Below are the highlights:
TRADE
- The free circulation of goods between the UK and EU will cease if Britain leaves the EU with no deal.
- Companies trading with Europe would face new paperwork to cover customs and safety declarations.
- Businesses would also have to apply the same customs and excise rules to goods moving between Britain and the EU as they currently apply when trading with a country outside the EU. Value Added Tax (VAT) could also have to be paid up front, potentially affecting cash flow.
TARIFFS
- Britain would introduce new, baseline import tariffs and rules-of-origin requirements for trade with World Trade Organisation member countries. In the event of a no-deal Brexit, they would apply to EU countries too.
- The tariffs could differ from those the EU applies to imports from outside the bloc.
- The paper reiterated that Britain intended to continue offering unilateral trade preferences to developing countries and would seek to replicate all the EU’s free trade deals with countries around the world to avoid disruption for exporters.
FINANCIAL SERVICES
- Britons will have to pay more to make card payments in the European Union and businesses on the continent could be cut off from investment banks in London if there is a no-deal Brexit.
- In contingency planning for financial services, the government said it would take unilateral action on several fronts to minimise disruption.
STATE AID
- Britain will create a UK-wide subsidy control framework to ensure the continuing control of anti-competitive subsidies.
- Under the European Union (Withdrawal) act, EU state aid rules will be transposed into UK domestic legislation.
- This will apply to all sectors and will mirror existing block exemptions as allowed under current rules, including the Agricultural Block Exemption Regulation, and the Fisheries Block Exemption Regulation.
- The Competition and Markets Authority (CMA) will take on the role of enforcement and supervision for the whole of the UK.
PHARMACEUTICALS
- Britain will have its own system to regulate human drugs and medical devices.
- Companies will have to submit regulatory information on drugs, medical devices and e-cigarettes directly to the UK’s Medicines and Healthcare Products Regulatory Agency (MHRA).
- UK will continue to accept batch testing of medicines carried out in EU countries.
- EU blood directives will no longer apply to the UK. The government is working to ensure blood safety and quality from day one.
NUCLEAR
- A new UK nuclear safeguards regime will come into force run by Britain’s Office for Nuclear Regulation.
- All operators in the UK civil nuclear sector will need to comply with new safeguards regime.
- Euratom ownership of special fissure material in the UK will end, operators will have full ownership.
https://uk.reuters.com/article/uk-britain-eu-notices-factbox/factbox-britain-sets-out-plans-for-no-deal-brexit
