Brexit – the ‘no-deal’ option
With the UK Government issuing its first official notices recognising that Brexit without a deal may be possible, industry trade body BEAMA has examined the implications.
After laying out its positive Brexit aspirations for the energy sector, as highlighted in the July edition of Fundamentally Speaking, on August 24th the Government officially raised the spectre of a ‘no deal’ Brexit scenario. This, despite the continued political will to deliver an agreement.
The first ‘no-deal’ notices have included the ‘overarching framing notice’ - outlining the Government’s approach to handling a ‘no-deal’ scenario – as well as more specific information focusing on trade. The latter included “actions they [UK Businesses] may want to now consider taking to mitigate the potential impacts” of ‘no deal’.
Having already joined some 150 other British companies and organisations in writing to PM Theresa May to express concern over a possible ‘no-deal’, the British Electrotechnical and Allied Manufacturers’ Association (BEAMA) briefed its members on the latest Government announcements.
The BEAMA notice highlighted the timescales involved – including the limited time now available to put a deal in place – as well as the key areas in which ‘no deal’ will impact on the industry. These include:
- Trade – particularly Rules of Origin and border delays
- Exchange rates
- Product Certification
Along with other members of the European Union Relationship and Industrial Strategy (EURIS) Taskforce – BEAMA stated it will also be working with individual government departments to assess the implications and requirements relating to the transition of EU-derived legislation into UK-based legislation.
The fortnightly EURIS Brexit Watch reports are likely to offer some insight into the impact of a potential ‘no deal’ on the UK’s key performance indicators as the deadlines grow nearer.
Meanwhile, BEAMA continues its own lobbying activities, most recently meeting the Department for Business Energy and Industry Strategy (BEIS) to hear the Department’s latest options regarding ecodesign and energy labelling regulations – not least in the case of a ‘no deal’ situation.
As Parliament returns to work in September, it is certain that more Government announcements are imminent.