Home Politics Britain and Europe open a new chapter. British Finance Minister said that Brexit brought opportunities to the financial industry.
Britain and Europe open a new chapter. British Finance Minister said that Brexit brought opportunities to the financial industry.

Britain and Europe open a new chapter. British Finance Minister said that Brexit brought opportunities to the financial industry.

by YCPress

Chinanews.com, December 28th – Comprehensive report: Britain and the European Union have recently reached a post-Brexit free trade agreement, which marks a new page in the relationship between the United Kingdom and the European Union.

On the 27th local time, the British Finance Minister said that Brexit brought an opportunity for the British financial industry. At the same time, Britain is embarking on signing trade agreements with many countries.

British Finance Minister: Brexit brings opportunities for the financial industry

On the 27th local time, British Finance Minister Sunak said that Brexit provided the UK with an opportunity to do different things in financial services.

However, the UK will maintain cooperation with the EU, although there are few details in its trade agreement.

It is reported that from January 1, 2021 local time, all UK-based financial service groups will lose the right to automatically enter the EU single market.

The UK and the EU said that new market access must be negotiated outside trade agreements for specific equivalent transactions.

Sunak said, “Now that we have left the EU, we can do something different [in terms of financial services]”, “but this agreement also provides guarantees, because it mentions a stable regulatory cooperation framework, which I think will provide people with guarantees, that is, when it comes to equivalent decisions, etc.

When things happen, we will maintain a close dialogue with our European partners.”

Photo: British Prime Minister Johnson.

On the 24th local time, Britain reached a post-Brexit free trade agreement with the European Union, but British Prime Minister Johnson admitted that the matters in the agreement related to areas such as financial services and regulation were not what he expected.

The UK urges businesses to be prepared. French champagne manufacturers are “reashamed”

On the 28th local time, the United Kingdom urged companies to prepare for Brexit.

“The deal has been reached, but the huge changes bring challenges and opportunities” and “businesses need to adapt to the UK’s exit from the EU Single Market and the Customs Union,” said Michael Gove, the Secretary of State for the UK Cabinet Office, in a statement.

“Businesses and citizens need to be prepared for some practical and procedural changes, and the time to make these final preparations is very short,” he said.

The British government said that enterprises need to understand the new rules for import and export of goods between the EU and the UK.

EU trade also needs to be declared, and freight carriers need a permit to go to Kent ports or face fines.

On the other hand, after the Anglo-European trade agreement was reached, French champagne manufacturers began to celebrate.

Because the UK is the largest overseas market for French champagne, the new agreement exempts champagne from new tariffs and quota restrictions.

It is reported that the UK consumes 25 to 30 million bottles of French champagne every year.

The new trade agreement signed between the European Union and the United Kingdom does not impose new tariffs or quotas on the cross-strait trade in goods.

Bachière, president of the Union of Champagne Wineries (UMC), said that this made the industry “a great relief”.

The shadow of “no deal” Brexit has been hanging over the French champagne industry since the UK decided to leave the EU in a referendum in 2016. “Without [trade] agreements, Britain will become a distant market like Africa or Asia,” Bahière said earlier this month.

He is worried about facing “new tariffs, customs clearance procedures, complex bureaucratic procedures and logistics nightmares”.

The first free trade agreement will be signed with Turkey

The British Department of Trade said on the 27th that the United Kingdom and Turkey will sign a free trade agreement on the 29th local time, which will be the first free trade agreement since the United Kingdom and the European Union reached a new Brexit trade agreement.

In addition, British Foreign Secretary Raab said on the 27th local time that Britain is now seeking to reach trade agreements with Australia, the United States and other countries.

In particular, he stressed that in January 2021, Johnson will visit India to promote economic relations between the UK and India, and will participate in the celebration of Republic of India Day with Indian Prime Minister Modi.”