The UK is currently at risk for two main reasons. First off, the COVID-19 pandemic has disrupted mostly all economies, with the UK being no exception. It is currently in the middle of its second wave of infections, which means that parts of the country are now under lockdown again. Secondly, the UK economy is still in the middle of its transition period even though it left the European Union (EU) back in January 2020. There is a lot of uncertainty regarding potential trade deals with other countries. Thus, this blog reviews the latest hurdles that have surfaced for the UK's potential trade agreements.
The UK Faces New Challenges
One of the main priorities for the UK is to strike a new trade deal with the EU. This is because a high percentage of UK businesses are engaged in trade activities with the EU counterparts. In the absence of a trade deal, their operations could suffer to a great extent. However, in recent weeks, the UK government has faced internal dissent regarding the deal. Several leaders within the government want more clarity regarding the movement of goods post-Brexit.
To make matters worse, the recent Internal Market Bill can also make the dispute more complex. This bill would give UK ministers the power to modify or rules relating to the movement of items between Britain and Northern Ireland. But the EU is completely against this bill, creating an extremely tricky situation for the UK government.
Moreover, the UK has also been struggling to sign trade deals with non-EU nations. This is due to disagreements related to the quality of products as well as the tariffs. Unless the UK manages to resolve these disputes quickly, it may be forced to leave the EU without having many deals in place, putting the country at further risk.
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