Friday, March 29, 2024

British firms urged to prepare for next phase of Brexit

Date:

Share post:

LONDON – Britain’s government on Sunday urged businesses to prepare for the end of the Brexit transition period, saying that they need to take action whether or not a trade deal with the European Union (EU) is clinched.

Prime Minister Boris Johnson said Britain won’t extend the transition period, which ends on December 31, and that progress must be made to bridge significant gaps between the two sides in the coming days if a deal is to be struck.

The business ministry argues that most of what businesses need to do is the same regardless of the outcome of the negotiations and has planned a series of sector specific webinars in October.

“With just 81 days until the end of the transition period, businesses must act now to ensure they are ready for the UK’s new start come January,” said business minister Alok Sharma, who will write to businesses regarding the changes.

“There will be no extension to the transition period, so there is no time to waste.”

Businesses needed to do things like ensure staff register for residency rights and prepare for customs procedures when trading with the EU, the government said.

The United Kingdom formally left the EU on January 31, but more than four years since voting 52 per cent to 48 per cent for Brexit in a 2016 referendum, the two sides are haggling over a trade deal to take effect when informal membership ends on December 31.

The two chief negotiators, the EU’s Michel Barnier and Britain’s David Frost, say they are inching towards a deal ahead of an October 15 deadline, but that important gaps remain on fishing, level playing field issues and governance. Both sides have planned for a no-deal scenario. (Reuters)

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related articles

No decision yet on Lester Vaughan School

A firm decision has not yet been made regarding when the Lester Vaughan School will be reopened. Following a...

BDF to conduct simulation exercise on April 2 & 3

The Barbados Defence Force (BDF) will conduct a Mass Casualty Simulation Exercise from Tuesday, April 2, to Wednesday,...

Barbadians reminded to file taxes online as filing season starts

The Barbados Revenue Authority (the BRA) is advising that tax filing season for 2023 begins on April 1 this...

Minister Abrahams’ statement on Ismail Patel’s passing

Below is the full statement by Minister of Home Affairs and Information, Wilfred Abrahams: I was saddened to...