26 Jul Boris Johnson appoints cabinet of Brexiteers
Boris Johnson was chosen as the United Kingdom’s (UK) next prime minister on Tuesday. Now he has unveiled his cabinet of senior ministers. The old cabinet was replaced by supporters of his campaign and prominent campaigners for Brexit.
Johnson insists he can get the EU to renegotiate, something the EU insists it won’t do. “We are now committed, all of us, to leaving the European Union on Oct. 31 or indeed earlier — no ifs, no buts,” he said.
That said, make sure your company is prepared for a hard Brexit. Why? Without a transitional period or a definitive arrangement, trade relations with the UK will be governed by general WTO rules, without application of preferences as of the date of withdrawal. UK becomes a third-country and are not subject the four freedoms central to the EU, namely free movement of people, capital, goods and services, unless they’ve signed up to a separate bilateral free trade agreement guaranteeing these rights (…like Norway, Switzerland, etc. have done).
Brexit will affect your company if:
– You sell goods or supplies services to the UK, or
– You buy goods or receives services from the UK, or
– You move goods through the UK.