Brexit white paper: There will be more barriers to UK's access to EU market post-Brexit
The UK government released the updated Brexit white paper, which triggered resignations of high profile UK ministers, including David Davis and Boris Johnson, and the key points are:
• Facilitated customs arrangement will be as if UK was in a combined territory with EU.
• Plans to diverge from EU rules for services, meaning a lower level of access post-Brexit.
• Abandons idea of mutual recognition for financial services, will push to enhance equivalence regime.
• Will push for mutual recognition of professional service qualifications after Brexit.
• Will end free movement of people and the direct jurisdiction of European Court of Justice over Britain.
• Plans to allow citizens to travel freely without a visa, for tourism and temporary business activity.
• Plans new security partnership that will involve the UK staying in Europol and Eurojust.
• Not proposing that EU applies UK's tariffs and trade policy at its border for goods.
• Proposals for free trade area in goods after Brexit would pProtect integrated supply chains and just-in-time processes.
• Plans a "phased approach" to the implementation of new facilitated customs arrangement.
Author
Haresh Menghani
FXStreet
Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.
