Don't pin your hopes on a UK-EU Deal
The UK is planning new legislation that will override key parts of the Brexit withdrawal agreement, risking the collapse of trade negotiations with Brussels. As reported in the Financial Times this morning, sections of the internal market bill — due to be published this Wednesday — are expected to run in direct contravention of elements within the UK-EU Withdrawal Agreement.
The Internal Market Bill will “clearly and consciously” undermine the agreement on Northern Ireland that the UK Government signed in October 2019. Without the Withdrawal Agreement, there will be a hard Customs Border on the island of Ireland - with many further consequences for UK-EU Trade.
Undermining the Withdrawal Agreement could lead to the collapse of UK-EU Trade negotiations, effectively leaving the UK without a deal or implementation period at the end of the Brexit Transition period from 1st January 2021.
Without a UK-EU Trade Deal, business will need to provide to UK & EU Customs Authorities:
1. Import Declarations
2. Import Duties
3. Import VAT
4. Safety & Security Declarations
5. Customs Documentation
6. Product Conformity Certification
Undermining the Withdrawal Agreement will have unique consequences on the Island of Ireland, affecting the movement of goods between Northern Ireland & the Republic of Ireland.