As Boris Johnson's government prepares to officially leave the European Union on January 31, treasury chief Sajid Javid admits that the move may adversely affect some UK business sectors. In an interview, Javid said that Britain's regulations will not be aligned with the EU in future and that those changes may hurt some businesses. It needs to be mentioned that the EU is Britain's largest trading partner at the moment.
Referring to the deadline at the end of the year to conclude contentious trade talks with the 27-member group, Javid said, “There will not be alignment, we will not be a rule-taker, we will not be in the single market and we will not be in the customs union- and we will do this by the end of the year.”
The comments prompted a fresh bout of concerns among business leaders as they worry about the lack of clarity on the substance of the trade rules that would take effect in less than 12 months times. The Society of Motor Manufacturers and Traders emphasized the need to avoid high tariffs and other trade barriers once EU ties are severed. Chief executive Mike Hawes said “billions” would be added to the cost of business development unless a mutually beneficial agreement is reached.
Britain will officially leave the bloc on the night of January 31, even though it will follow EU rules for an 11-month transition period. It is the first nation ever to leave the bloc. BoJo's government intends to mark the occasion with a series of upbeat events. The PM is expected to make a speech after holding a rare cabinet session in the north of England, emphasising his government's plan. The government also intends to mark Brexit by projecting a clock onto the PM's official residence at 10 Downing Street in London that will count down until 11 pm., when the break takes place.
