Saturday, November 14, 2020

Is Britain Really Ready for a 'Hard' Brexit?

 As is well known, Britain continues to face challenges in the Brexit issue with trade negotiations that have yet to reach a final word. The Bank of England and analysts have issued warnings on the ability of the UK government and business after 31 December.

The National Audit Department on 6 November has confirmed that Britain's port system has not been integrated or tested yet, where exporters and importers are required to fill out customs and security forms. Not only that, the transit control system for trucks is also not yet complete.

Things like this will worsen the situation after 31 December. The report reports that the approaching deadline and increasing risk will require the government to invest a lot of money for preparations, including infrastructure preparations.

The report also stated that Britain would face a major impact on the UK border with many business sectors not yet making preparations for the post-Brexit phase.

An agreement in a trade agreement is expected to facilitate an easier transition process. However, after more than 10 months of trade negotiations, the two sides have not yet reached an agreement.

The UK economy is projected to be most affected in Europe as a result of the Covid-19 pandemic, as confirmed by European Commission economic forecasts. Failure to reach an agreement is believed to further worsen the performance of the UK economy.