Government publishes guidance for Northern Ireland exports – BBC
- The government has published legal guidance for what NI goods will have “unfettered access” to GB at the end of the Brexit transition period on 1 January.
- The legislation gives a very broad definition of what goods will qualify namely goods having “qualifying Northern Ireland status” and is not subject to any customs supervision, restriction or control.
- Government have said it will bring forward further legislation aimed at preventing non-qualifying goods using NI as a backdoor into GB.
- Further proposals, developed with Northern Ireland business, will define qualifying status for the longer-term.
Thousands of UK businesses not prepared for Brexit, MPs told – FT
- MPs are concerned that tens of thousands of UK businesses are still not prepared for the end of the Brexit transition period, with the latest government polling indicating that around one-third of businesses still believed there would be an extension to the transition period.
- With growing fears that the Calais-Dover crossing will be plunged into chaos Michael Gove, Cabinet Office minister, also announced plans for 10 proposed sites for inland border controls on EU goods from 2021, to take the strain off congested ports. The sites include Ashford and Ebbsfleet in Kent, North Weald airfield in Essex, Birmingham, Warrington and Holyhead.
- Logistics experts, said the new border controls and the potential resulting delays could provoke a shift over time to longer, slower, but more reliable crossings. Robert Keen, director-general of the British International Freight Association, added that longer crossings could also give time to complete complex new paperwork, cut road miles to help hit CO2 emissions targets and avoid traffic congestion in south-east England.
BoE warns that full Brexit could be bumpy for investors – Reuters
- Bank of England have expressed that it could be bumpy for investors but there are few threats to wider financial stability.
- The BoE’s Financial Policy Committee (“FPC”) said that most risks to stability that could arise from disruption to cross-border business after December have now been mitigated.
- On average, over two-thirds of clients of UK-based banks have now completed the necessary documentation to enter into derivative trades with the EU entities, the FPC said.
- However the FPC have predicted that a rush to shift assets and staff to new EU hubs could “amplify market volatility”.