Theresa May stakes all on Chequers 2.0:  Several news stories have analysed what the new Chequers plan may entail:

  • The government appears to be ditching the fiendishly complex Facilitated Customs Approach (the idea of charging different tariffs for those goods moving into the EU and those staying in the UK — and tracking them electronically). Instead, it appears that the UK plans to have the same external tariffs as the EU and be bound by its trade policy for many years hence, until a mutually acceptable technological solution to the Irish border issue can be found.
  • Second (as George Parker  reports), in order to maintain the invisible Irish border, Britain will accept that goods entering Northern Ireland from Britain must meet EU standards, with the potential for checks in the Irish Sea.
  • It looks as though the UK will strengthen its commitment to the single market’s level playing field. This will see the UK extending the scope of the Chequers plan to cover more goods and more of the inputs that affect manufacturing costs.(FT)

EU regulators draft market agreements with UK’s FCA: Steven Maijoor, chairman of Esma, the pan-European regulator, on Wednesday said talks had begun about creating a series of “memorandums of understanding” that could be signed with the UK’s Financial Conduct Authority.The agreements would likely cover information and surveillance-sharing, and be ready in the case of a no-deal Brexit. They are “essential” for effective market supervision, he told a conference in Athens. (FT)

Theresa May says Brexit deal ‘cannot carve off NI’: Prime Minister Theresa May has repeated her pledge that she will never accept a Brexit deal which carves Northern Ireland away from the rest of the UK. She said current EU proposals would effectively leave NI in the Custom’s Union, unlike other parts of the UK. (BBC)

Theresa May links her Brexit plan to end of austerity in UK:

  • Theresa May has urged her fractious Conservatives to unite at a “pivotal moment” in the UK’s history, claiming that a good Brexit deal and an end to austerity were within grasp in 2019 if the party stuck together.
  • As a foretaste of her intention to loosen public spending controls, the prime minister announced that local authorities would be able to borrow billions of pounds more for housebuilding. She said that housing was “the biggest domestic policy challenge of our generation”, but added that councils were being held back from building properties by fiscal rules.
  • Chancellor Philip Hammond will conduct a public spending review next year and has suggested that he would have money to spend from a “deal dividend”, if Mrs May secured a Brexit agreement based on her Chequers plan.  (FT)
Author

Jessica's practice focuses on international trade and anti-bribery work, encompassing customs, export control and sanctions matters. Jessica's trade work includes advising international clients on fast-moving and evolving EU and UN sanctions, notably in respect of Iran and Russia, and on compliance with UK and EU export controls. Her trade experience also includes advising on tariff classification and customs valuations. Jessica's anti-bribery experience includes assisting with investigations, and advising clients on compliance with anti-bribery laws. Jessica has also taken a lead role in monitoring Brexit-related developments; analysing how they will affect the UK's trading position generally, and clients' businesses specifically. She has helped clients begin to conduct risk assessments of how Brexit will impact their businesses, and has assisted them in developing tailored Brexit strategies. Jessica also presents at various seminars, webinars, and conferences on the complexities of Brexit. Jessica advises global clients on complex issues arising from international transactions and works with clients across a number of sectors including pharmaceuticals, defence, finance, aviation, energy, and telecommunications. Jessica has also worked previously in Paris, and is fluent in French.

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