E The GBP Against A Second Lockdown - Is It All Doom And Gloom?

Trade can also be made simpler if countries are having similar rules. The closer the rules are, the more likely they are to have some disagreements with each other. 

Where does the UK trade?

Countries with EU trade agreements - 11%.

EU - 49%.

Rest of the world - 40%.

Japan, Vietnam, and Singapore are included in the “rest of the world” section as their EU trade deals have not come into force in 2018. 

Why have tariffs at all?

Free-trade agreements surely boost trade but too many cheap imports could threaten a country’s manufacturing and that could affect jobs. For that reason, a country might choose some quotas in order to protect local industries.

Where is the UK now 

The UK ceased to be a member of the EU from February 1, 2020. The country is no longer a part of the bloc’s institutions. This agreement will expire at the end of 2020. This includes the rules on Freedom of movement. The end of the transition period will bring significant changes regardless of whether agreement on the future relationship is reached. On January 1, 2021, the UK will no longer be part of the EU’s single market and customs union. 

EU and the UK’s new regulatory controls will be made after the end of the agreement. EU is stressed that this will bring longer delivery times while in early September the UK logistics criticized the state of UK preparations. EU citizens will no longer have the right to move to the Uk to work and settle and vice versa. 

The UK will introduce a new Immigration policy from January. 

1 2 3
View single page >> |
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.


Leave a comment to automatically be entered into our contest to win a free Echo Show.
William K. 2 days ago Member's comment

It seems that the financial group that whose activities brought about the recession in GB evidently have not finished with making random changes in hopes of somehow producing a recovery. Exiting the EU may not provide the desired recovery either, and if not, then what?

The cyclical nature of economies is usually cause by the same sort of things that tend to reduce the stability of all feedback systems. And certainly economies are a feedback system, rather intended or not. Mechanical feedback systems, as used in machinery, are subject to the unchanging laws of physics, and so the requirements for stability can be learned. The "Laws" relative to operation of the financial system and the economy are probably just as unchangeable but much less clear. Or is it that they are much less acknowledged by those folks making the changes?