2.4 C
Munich
Thursday, January 21, 2021

Gove says UK ‘well prepared’ for no-deal Brexit, even as businesses sound alarm

Must read

An emotional Joe Biden tries to put the Trump Show behind him

Joe Biden began his journey to the inauguration by tearing up--over his love for Delaware and missing his late son Beau--displaying the raw emotion that sets him aside from most presidents and, particularly, his predecessor.While President Trump is always determined to project strength, Biden, in choking up at the National Guard center named for Beau,…

Anti-Trump celebrities counting down until president leaves office: ‘One more sleep’

A new president of the United States was to be sworn into office Wednesday -- and celebrities who oppose President Trump were eagerly awaiting the moment.On Tuesday, Trump wrapped up his last full day as president and issued a farewell address ahead of Wednesday's ceremony, which will see Democrat Joe Biden take over as commander-in-chief.Throughout Trump's presidency --…

LIVE UPDATES: Lady Gaga, ahead of Biden inauguration performance, hopes for ‘day of peace for all Americans’

President Joe Biden and Vice President Kamala Harris have been sworn in, in an inauguration ceremony in front of the U.S. Capitol.Biden is now the 46th President of the United States, and Vice President Harris is the first female and first Black Vice President of the United States.Fast FactsMore than 20,000 National Guard troops have deployed to…

Fired Florida data analyst Rebekah Jones bonds out of jail, says she tested positive for coronavirus

Rebekah Jones, the former Florida Department of Health data analyst who helped build the state’s coronavirus case tracker -- only to be fired last year for alleged insubordination -- said she tested positive for the virus after turning herself in to authorities over the weekend. Rebekah Jones surrendered to the Leon County detention facility on Sunday after law enforcement officials issued a warrant…

© Reuters. FILE PHOTO: Britain's Chancellor of the Duchy of Lancaster Michael Gove arrives for a Cabinet meeting, in London
© Reuters. FILE PHOTO: Britain’s Chancellor of the Duchy of Lancaster Michael Gove arrives for a Cabinet meeting, in London

By Kanishka Singh

(Reuters) – Michael Gove, the minister handling Brexit divorce issues for Britain, said on Sunday that the UK is “increasingly well-prepared” for a no-deal Brexit even as businesses urged Britain and the European Union to find a compromise over trade terms.

A tumultuous “no deal” finale to the United Kingdom’s five-year Brexit crisis would sow chaos through the delicate supply chains that stretch across Britain, the EU and beyond – just as the economic hit from the coronavirus pandemic worsens.

“It is not my preferred destination,” Gove said in an opinion piece in the Sunday Times newspaper https://

“But if the choice is between arrangements that tie our hands indefinitely, or where we can shape our own future, then that’s no choice at all. And leaving on Australian terms is an outcome for which we are increasingly well-prepared”.

Prime Minister Boris Johnson said on Friday that Britain should get ready for a deal with the European Union similar to the one Australia has, “based on simple principles of global free trade.”

A so-called “Australia deal” means that the United Kingdom would trade on World Trade Organization terms: as a country without an EU trade agreement, like Australia, tariffs would be imposed under WTO rules, likely causing significant price rises.

Johnson’s critics say that an Australian-style deal is simply code for no deal at all with Britain’s largest export market. Australia’s trade with the EU is dwarfed by Britain’s.

More than 70 British business groups representing over 7 million workers made a last-ditch attempt on Sunday to persuade politicians to get back to the negotiating table next week and strike a Brexit deal.

The groups ranged from the Confederation of British Industry, TheCityUK and techUK to the National Farmers’ Union, British Retail Consortium and the Society of Motor Manufacturers and Traders.

Gove has previously said that while the British government wanted an agreement with Brussels, it was not going be “held hostage”.

“It will require a fundamental change in attitude, policy and politics from the EU to get things back on track,” Gove wrote in the Sunday Times.

“As things stand, that will not happen, and the EU’s decisions at last week’s summit have, in effect, ended those trade talks,” he added.

At what was supposed to be the “Brexit summit” on Thursday, the EU delivered an ultimatum: it said it was concerned by a lack of progress and called on London to yield on key sticking points or see a rupture of ties with the bloc from Jan. 1 after the end of the Brexit transition period.

The Sunday Telegraph newspaper reported that British business minister Alok Sharma is seeking cash from the Treasury to help businesses navigate a no-deal Brexit.

“With compromise and tenacity, a deal can be done. Businesses call on leaders on both sides to find a route through”, business groups said in their joint statement on Sunday.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Read More

- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest article

An emotional Joe Biden tries to put the Trump Show behind him

Joe Biden began his journey to the inauguration by tearing up--over his love for Delaware and missing his late son Beau--displaying the raw emotion that sets him aside from most presidents and, particularly, his predecessor.While President Trump is always determined to project strength, Biden, in choking up at the National Guard center named for Beau,…

Anti-Trump celebrities counting down until president leaves office: ‘One more sleep’

A new president of the United States was to be sworn into office Wednesday -- and celebrities who oppose President Trump were eagerly awaiting the moment.On Tuesday, Trump wrapped up his last full day as president and issued a farewell address ahead of Wednesday's ceremony, which will see Democrat Joe Biden take over as commander-in-chief.Throughout Trump's presidency --…

LIVE UPDATES: Lady Gaga, ahead of Biden inauguration performance, hopes for ‘day of peace for all Americans’

President Joe Biden and Vice President Kamala Harris have been sworn in, in an inauguration ceremony in front of the U.S. Capitol.Biden is now the 46th President of the United States, and Vice President Harris is the first female and first Black Vice President of the United States.Fast FactsMore than 20,000 National Guard troops have deployed to…

Fired Florida data analyst Rebekah Jones bonds out of jail, says she tested positive for coronavirus

Rebekah Jones, the former Florida Department of Health data analyst who helped build the state’s coronavirus case tracker -- only to be fired last year for alleged insubordination -- said she tested positive for the virus after turning herself in to authorities over the weekend. Rebekah Jones surrendered to the Leon County detention facility on Sunday after law enforcement officials issued a warrant…

Loeffler rips cancel culture and ‘dangerous narratives’ in farewell address

U.S. Sen. Kelly Loeffler of Georgia delivered a farewell address on the Senate floor Tuesday, ripping cancel culture and "dangerous narratives" on her way out."The American people are alarmed by the effort to censor conservative voices. We're witnessing a constitutional crisis that threatens to erode the First Amendment and silence people across our country," Loeffler said. "As a Republican,…