Brexit pangs
Brexit, once hailed as a grand natural experiment for economists to dissect the repercussions of leaving a low-friction trade environment, has proven messier than anticipated.
Brexit, once hailed as a grand natural experiment for economists to dissect the repercussions of leaving a low-friction trade environment, has proven messier than anticipated.
The light-touch checks under the grace period for supermarket products will expire at the end of September.
Rishi Sunak, the son-in-law of Infosys founder NR Narayana Murthy and the MP from Richmond, Yorkshire, since 2015, was virtually unknown even a year ago. “Just five out of 1,191 named Rishi Sunak” in a poll conducted in December 2019 by Tim Bale, a professor of politics at the Queen Mary University.
Half a decade of the British cohabitating with their Continental cousins has now ended, launching the UK on a path of its own making, free from EU laws, able to strike trade agreements with other countries around the world, and reshape its economy, society and governance structures.
The UK was adamant throughout the negotiations that it be treated as a sovereign equal of the EU and have its independence respected. This was particularly important when it came to fishing rights – one of the last issues to be resolved.
The European Commission President, Ms Ursula von der Leyen characterised it as fair and balanced. More important, she said it was the “right and responsible thing for both sides to do.”
'We have finally found an agreement,' the president of the European Commission Ursula von der Leyen said.
Fearing lockdowns to coincide with Christmas, Italian shoppers came out in droves in several cities on Sunday, forcing authorities to block off roads and tourist attractions.
Britain left the EU on January 31 and has been in transition thereafter with existing rules in place until the end of the year. The costs of a no-deal Brexit could be enormous, with some analysts pointing at a drop in Britain’s GDP of between 1.5 and 2 percentage points.
Yet the clock is ticking and rather menacingly as 31 December, the date by which parliaments in London and Brussels must endorse a trade deal, approaches.
