UK Finance Minister Hammond: It may be that goods trader w/ EU might be tougher

Author: Greg Michalowski | Category: News

That seems to be a truism

UK's Finance Minister Hammond is on the wires saying that "it may be that goods trade with EU cannot be as friction-free as it is now".  Aha.  There is some give and take with the Brexit decision but the EU is likely not that anxious to have the UK have their cake and eat it too.

Other comments:
  • Time scales for customs arrangements after Brexit are very challenging
  • We will be seeking the lowest possible level of friction for trade at border that is compatible with UKs other aspirations
  • Would have a working customs system in place on day one after Brexit even in event of no deal with EU
  • Brexit transition would ned to look like the status quo.
  • We have had less engagement than we would have liked with EU customs partners to discuss post-Brexit arrangements
  • Would want to negoitiate trade deals with 3rd party countries during Brexit transition but not implement them.
It sounds like things are not going that well or as planned and quite frankly it is a difficult transition.