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The UK’s public spending watchdog said government expenditures on implementing new rules for post-Brexit imports would total some $6 billion. The report criticized “uncertainty” surrounding government plans.
Britain will spend at least 4.7 billion pounds ($6 billion, €5.5 billion) on implementing a new approach to import goods after exiting the EU customs market in 2020, the UK government’s public spending watchdog said on Monday.
The UK voted to leave the European Union in 2016 but remained in the bloc’s single market and customs union until 2021.
In 2021, the UK withdrew from the EU customs union and a new EU-UK Trade Cooperation Agreement (TCA) went into effect.
The European Parliament said in a report that the trading of goods between the parties had become “burdensome” since Brexit and trade volumes had shrunk.
Yeah that’s never EVER going to happen.
The City of London (not Greater London) would have a simultaneous heart attack, aneurism, and stroke.
And there’s no way the “financial service” (read tax haven British overseas territories) companies that pushed for Brexit in the first place would accept to be open to European Central Bank scrutiny.
That’s neat.
Hope London enjoys its slow descent into geopolitical irrelevance, I guess.
Slow?
It’s taken a couple centuries, but it does appear to be nearing the end.
The pound weakens a lot, in response to financial crisis, and it hasn’t been trending upwards in the long term; crisis is a crucial part of this economic system. I wonder if we could expect the pound to lose its usefulness to billionaires if it sinks below the dollar for good. Sounds doomy, but it could pave the way for an EU re-entry.