Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .


UK Government and businesses intensify focus on planning for no-deal Brexit

UK Government and businesses intensify focus on planning for no-deal Brexit

Detail of technical notices published today makes clear that avoiding much of the potentially significant disruption of a no deal outcome will require good faith, cooperation and pragmatism from both sides

Charles Brasted, Partner in the Hogan Lovells Brexit Taskforce said, ” Today, the UK Government has stepped up its engagement with stakeholders and the wider public with the publication of 25 technical notices on its preparations for a ‘no deal’ Brexit.

Whilst the Brexit Secretary, Dominic Raab MP, was at pains to stress that the UK wants and expects to reach a good agreement with the EU, these notices re-emphasise that a no-deal exit next March is a real possibility for which contingency plans need to be made, and in some cases put into action now or very soon.  This is consistent with what we are hearing from many businesses in recent weeks.

“The notices purport to provide ‘pragmatic and practical’ guidance on how the Government and businesses should seek to mitigate the potential impact of the UK withdrawing from the EU without a deal. This first batch of notices, on topics ranging from pharmaceutical batch testing, financial services and support for businesses at the UK-EU border, are due to be followed by a further 50 or so notices before the end of September.

“The Brexit Secretary, Dominic Raab MP, in his speech announcing the notices, sought to dispel wilder claims in the press about the Government’s plans, for example in relation to the military being used to ensure the security of food supplies. However, the detail of the technical notices makes clear that avoiding much of the potentially significant disruption of a no deal outcome will require good faith, cooperation and pragmatism from both sides of the English Channel.

“As Mr Raab said in his speech, it is imperative that businesses continue to engage with the Government’s no-deal preparations, as well as to monitor the on-going negotiations, in order to ensure that they are well prepared for any eventuality.  This will involve keeping their own contingency plans under review in light of the Government’s guidance to stakeholders set out in the notices.

“The notices are just part of the Government’s wider preparations, which also include readying the UK’s legislative framework for Brexit via the EU Withdrawal Act 2018.  The Government has already published a number of statutory instruments (SIs), intended to make the necessary changes to UK law in the event that EU law ceases to apply in March 2019.  With between 800 to 1,000 SIs expected, covering all aspects of law and regulation in the UK and each making potentially material changes to the legal and regulatory environment relevant to UK plc, businesses will need to be more vigilant than ever to identify potential legislative changes that matter to them and be ready to engage with Government, if necessary.”

Global Banking & Finance Review


Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!

By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post