No-deal Brexit 'could cost 600000 jobs worldwide'

Brexit,Theresa May

Brexit,Theresa May

The UK can not negotiate new free trade agreements, with countries such as the United States of America, while we are still an European Union member.

However, other European Union agreements on equivalency in certain areas like agriculture and customs can not be replicated in their entirety at this stage, said a government statement.

The Department for International Trade (DIT) says that trading on these preferential terms, rather than those set by the World Trade Organisation (WTO), will "deliver significant savings and help to safeguard British jobs".

The German auto industry has some 15,000 jobs related to trade with Britain, or about 0.9 per cent of total employment in the sector, according to the report.

DIT says that with the agreement the British auto industry, which has consistently warned against a no-deal Brexit, could avoid up to £8m a year in tariff charges on their exports that would apply if the agreement had not been reached.

It is claimed that the deal will, for instance, avoid around £8m of tariffs being added to the price of cars exported from the United Kingdom to Switzerland, while British consumers will benefit from lowers prices on Swiss goods, "such as clocks, watches and pharmaceutical products".

The new trade deal will come into effect after the end of the Brexit transition period.

"Whatever route MPs choose over the next few weeks - no deal, Theresa May's deal, a softer Brexit or delay - all roads will probably lead to an early election", he wrote in Britain's The Sunday Times.

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Johnson told a meeting in parliament, "I think it must be pretty obvious that if you are going to have a time limit to the backstop - and I think that would be very good - it has got to fall before the next election".

Switzerland meanwhile is Britain's fifth biggest export partner outside the EU.

The "continuity agreement" - based on the EU's existing free trade deal with Switzerland - was agreed in December but ratified on Monday.

The Swiss government is pursuing a strategy dubbed "Mind the Gap", which is meant to stabilise British ties after Brexit.

A customs union is one of the demands made for any deal to get Labour support. He says May's agreement can achieve "a great deal of what Jeremy Corbyn is interested in without taking away that option of having other trade deals".

Their amendment would set a final mid-March deadline for May to win a majority for her deal, by obliging the government to make time for the bill if she has not secured parliament's support before then.

The Association of Chartered Certified Accountants says the European Union should divert the money to the Irish Revenue Commissioners which could then be distributed to the industries worst affected by Brexit.

The impasse risks a chaotic "no deal" departure for Britain.

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