Brexit: UK economy ‘should come back’ following exit says expert
The UK’s transition period with the bloc ended on December 31 after months of negotiations over fishing and state aid. Britain has already landed deals with countries outside the EU including Japan and Canada. And now the Prime Minister is lauding new deals Britain could take advantage of with its “new-found freedom”.
A Government source said: “Now that we have secured a trade deal with the EU, it is finally time for the UK to take advantage of its hard-won, new-found freedoms.”
It comes after Finance Minister Rishi Sunak warned the UK should not lower its standards however.
He said last night: “Now that we have left the European Union, we have an opportunity to do things differently and this Government is committed to making the most of the freedoms that Brexit affords us.
“This isn’t about lowering standards but about raising our eyes to look to the future – making the most of new sectors, new thinking and new ways of working.”
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One sector Mr Johnson could look towards in terms of growing the economy is Singapore, which has low tax economy and very few regulations.
But this type of economic model has reportedly worried the EU over the UK potentially becoming a low-cost competitor that could undercut European companies because of differing standards.
Foreign Minister Dominic Raab also warned the UK has set the bar “incredibly high” over future trade deals.
He added the UK is set to introduce new rules for its companies to try to prevent goods linked to China’s Xinjiang region entering their supply chains.
He said: “The bar is being set incredibly high.
“I mean, frankly, we shouldn’t be engaged in free-trade negotiations with countries abusing human rights well below the level of genocide.”
He said the proposals in parliament were problematic because Britain’s High Court did not have the resources to investigate allegations of genocide.
He said: “I think there’s a second issue, which is really in relation to what we now know about what’s going on in Xinjiang, the question is whether, in relation to any country that engaged in those human rights abuses, you engage in free-trade negotiations.”
He added delays to fishing exports are just “teething problems” following Brexit, Foreign Secretary Dominic Raab has claimed.
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Challenged about the warning from the seafood sector that fishing businesses could collapse within days, Mr Raab said he was “not convinced” it was because of the Government’s trade deal with the European Union.
Speaking on the Andrew Marr Show on Sunday morning, Mr Raab argued the trading agreement will “create huge, sustainable opportunities” for the fishing sector.
Exports of fresh fish and seafood have been severely disrupted by delays since the UK’s transition period ended on December 31.
Some Scottish fishermen have been landing their catch in Denmark to avoid the “bureaucratic system” that exports to Europe now involve, according to Scotland’s Rural Economy Secretary Fergus Ewing.
Asked about the potential collapse of parts of the fishing industry because of problems caused by the Brexit deal, Mr Raab said: “I’m not convinced that that is the result of the agreement.
“The agreement we have struck – short term, medium term and long term – will create huge, sustainable opportunities.
“Of course we have always said as we leave the transition period with a deal, but even more if we hadn’t found a deal, there will be some teething problems.
“We are very focused on working with all the different sectors, including the fishing industry, to resolve any of these teething problems.”
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