So a shockingly miniscule
0.08% uplift from this deal whilst Brexit is giving us a
5% reduction in GDP.
I guess every little helps but even if those countries grow by a staggering 100% that's still only a 0.16% uplift!
https://news.sky.com/story/joining-i...1-8bn-12921751
Meanwhile, how's things going with our largest trading partner?
Quote:
We’re getting new [EU] legislation continuously,” said Fergus McReynolds, director of EU affairs at the manufacturers’ trade body Make UK. “So as the UK stays static, you’re having to treat the EU and the UK as two completely different markets from a regulatory perspective.”
McReynolds said Make UK’s members are focused on three main EU regulations: the bloc’s upcoming carbon border tax, implementation of plastic packaging rules and draft supply chain due diligence laws being discussed by member states.
The introduction of the EU carbon border adjustment mechanism is likely to have a significant effect on companies trading with the bloc, according to George Riddell, director of trade strategy at consultancy EY, who is helping UK businesses that export to the EU prepare for the measure.
From October this year EU companies will have to compile reports on the carbon emissions attached to some imported goods, including steel, aluminium and fertilisers, with businesses having to buy certificates to cover emissions embedded in products from 2026.
The paperwork and costs associated with the carbon tax will land on UK companies who supply components to EU businesses covered by the regulation — which affects products as prosaic as nuts and bolts. As a result, some of these UK companies will be more difficult to trade with for EU businesses.
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And service companies don't get away from the leaky tyre effect of Brexit either.
Quote:
Accountants MHA warned that EU tax rules for virtual services will change in January 2025, meaning British businesses providing online facilities to consumers will have to pay VAT where the customer resides rather than in the UK, as now.
Sue Rathmell, partner at MHA, said: “UK businesses providing virtual [business to consumer] services to the EU, such as webinars, online conferences or advertising software, require swift input from [HM Revenue & Customs] in response to the EU’s intention to overhaul place of supply rules from January 2025.”
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https://www.ft.com/content/5f75a690-...0-eb0d544d7bd3