CHANCELLOR Rishi Sunak believes the Brexit deal will give Britain the chance to do business “differently.”
He spoke as PM Boris Johnson conceded the agreement with Brussels may fall short of his hopes for the financial sector.
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However, Mr Sunak said the UK can now “do things a bit differently” while vowing to make the City of London THE place to list new companies.
The trade treaty brokered with Brussels gives little detail on financial services and EU market access must still be negotiated for British-based firms in specific deals.
However, the Chancellor said: “Now that we’ve left the European Union we can do things a bit differently and we’re embarking on that journey, for example, examining how we make the City of London the most attractive place to list new companies anywhere in the world.
“But this deal also provides reassurance because there’s a stable, regulatory co-operative framework mentioned in the deal which I think will give people that reassurance that we will remain in close dialogue with our European partners.”
In his first interview since brokering the deal with European Commission President Ursula von der Leyen on Thursday, Boris said that the agreement secures “access for solicitors, barristers” and a “good deal for digital”.
But he told the Sunday Telegraph that it “perhaps does not go as far as we would like” on financial services.
Banks, insurers and other financial firms based in Britain will not be granted automatic access to EU markets from the end of the transition period on December 31.
Instead they will have to be deemed by Brussels to be governed by rules as robust as within the bloc.
Mr Sunak said the trade deal should reassure those who fear a blow to the economy caused by leaving the EU.
“I think there was always going to be people who want to reopen the debates of four years ago but I don’t think that would be the right thing to do,” he said.
“I actually think this deal can represent an enormously unifying moment for our country and bring people together after the divisions of the past few years.
“For those who voted to leave, this deal means that we will have the freedom that people sought, control of our laws, our borders, our trade.
“But for those who were anxious about the economic implications of leaving they should be enormously reassured by the comprehensive nature of this free trade agreement.”
He added it will ensure “tariff-free, quota-free access for British businesses to the European market, ensuring that close economic partnership and crucially protecting British jobs.”
What does the Brexit deal mean for you?
The treaty – at over 1,000 pages long – details the future of the UK’s relationship with the EU and there are changes for Brits to get their heads around.
The document includes details on big-ticket items that have caused headaches for negotiators.
But many Brits might wonder how their day-to-day lives could change.
- Those ready for a sunshine break after a tough year will be relieved to know they can still holiday in Europe, as before.
- But UK nationals will need a visa if they want to stay in the EU more than 90 days in a 180-day period.
- EU pet passports will no longer be valid, but people will still be able to travel with pets, following a different and a more complicated process.
- We’ll still be able to drive abroad.
- But from January 1, many EU countries will need you to get an International Driving Permit, which costs £5.50 at your local Post Office.
- And the cost of shopping could yet go up.
- The UK and the EU will continue to trade without having to pay tariffs on goods imported and exported between the two blocs in a Canada-style deal.
- An overview published by the European Commission suggested the EU would immediately implement tough new checks on food products.
- There’ll be no grace period, so that will start right away.
- Leaders in British food and farming have warned that this, plus the chaos in Dover and last-minute nature of the deal, is likely to result in some price rises.
It’s been reported, Brexiteers have been warned to examine every word of the 1,246-page deal for EU-laid elephant traps.
Ex-Brexit Secretary David Davis – who resigned over Theresa May’s Brexit blueprint – said that time was short ahead of next week’s crucial vote.
The last-minute deal will allow the UK to trade freely with the EU without tariffs or quotas.
It will also have a big affect on the day-to-day lives on Brits from holidays and finances to the cost of the weekly shop.
As part of the new deal, Brits will be able to travel across Europe without a visa for up to six months in a year.
They will also be allowed to stay for a maximum of 90 days within a 180-day period.
And the important European Health Insurance Card (EHIC) will still be valid – at least for the time being.
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However, there is a chance the cost of food will be affected by Brexit – even after the deal has been agreed.
And there is also a possibility we might see some supply shortages, especially at the beginning.
But the good news is that it’s generally accepted that the pound will be stronger with the agreement in place.