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Closing the post-Brexit transition with no deal would have a long-term negative impact on the British economy, with far more serious effects than the pandemic crisis, Bank of England Governor Andrew Bailey warned Monday, according to MEDIAFAX.
“I think the long-term effects would be larger than the long-term effects of the Covid-19 crisis,” Andrew Bailey told Reuters. “It will take a long time for the real part of the economy to adapt to the changes in the current openness and the changing profile of trade relations,” said the Governor of the Bank of England.
The Boris Johnson government is negotiating with the European Union to shape the post-Brexit relationship, in the context in which the transition period expires on January 1, 2021.
“Time is running out. There are still big differences, but we are working towards an agreement,” EU negotiator Michel Barnier said Monday.
“Disagreements over equal fishing standards and quotas remain important,” said another Brussels official on condition of anonymity.
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The European Union and the UK have made significant progress in recent days in negotiations on post-Brexit relations, European Commission President Ursula von der Leyen announced last week. “After difficult weeks, with very, very little progress, these days we have seen better progress, movements on important files. Okay. At the same standards, there is progress, for example, in terms of subsidies, there are a few meters to the finish line, so we still have a lot of work to do “, said Ursula von der Leyen.
But France’s representative to the European Commission, Thierry Breton, Commissioner for the Internal Market, warned that there would be no post-Brexit deal if Britain did not accept EU standards. “I understand very well that our British friends want to take advantage of the EU market. If the British accept these rules, they will be welcome. If they don’t accept them, there will be no agreement,” said Thierry Breton.
British Prime Minister Boris Johnson admitted on Tuesday that the possibility of a deal with the European Union on post-Brexit relations is uncertain, but said Britain will prosper nonetheless.
On 1 February, the United Kingdom withdrew from the European Union. In the post-Brexit transition period, which runs until 31 December 2020, the UK will continue to apply EU regulations. Prime Minister Boris Johnson hopes to complete negotiations on future bilateral relations by 31 December 2020. EU leaders have repeatedly told him that time is running out. Brussels has warned the London government that it will have to meet social, labor and environmental standards to reach a free trade agreement with the European Union. Downing Street wants conditions similar to those granted by the European Union to Canada, South Korea and Japan, but EU officials have pointed out that the situation is different in terms of standards, in the context of the geographical proximity between the European Union and the United United. Recently, German Chancellor Angela Merkel warned that the European Union must prepare for the scenario of ending the post-Brexit transition with no deal.
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