European Union won’t hold us to ransom on a trade deal

Wednesday, 05 Feb, 2020

The steps to adopt an adequacy agreement, allowing for data transfers between the EU and the United Kingdom, would involve a period of Assessment by the Commission, followed by a draft decision from the EU's executive arm, an opinion by the European Data Protection Board and then a final approval by member states and the College of Commissioners.

"The question is whether we agree a trading relationship with the European Union comparable to Canada's or more like Australia's", the former covering goods and services, the latter meaning new tariffs and other barriers. Rishi Sunak was on the show yesterday, he told me we don't need a trade deal with the EU.

The UK left the European Union on Friday but is now seeking to strike trade deals with countries around the world, including the USA, during the 11-month transition period.

The EU's flagship personal data protection regime, the GDPR, sets down baseline requirements for data protection standards, and addresses minimum privacy standards for transferring EU data outside of the bloc.

"The choice is emphatically not 'deal or no-deal, '" Johnson said in a speech to business leaders and global diplomats at the Old Royal Naval College in Greenwich on Monday. That agreement included a "political declaration" that set out the framework for negotiations on trade and other issues. The question is whether we agree a trading relationship with the European Union comparable to Canada's - or more like Australia's.

If the British request is "for access to 450 million consumers, zero tariffs. zero quotas, that won't happen for nothing and without conditions", Mr. Barnier told reporters in Brussels.

Ranko Berich, head of market analysis at Monex Europe, added: "Today's sterling price action has a feel of groundhog day: signs of tension in EU-UK trade negotiations have caused the pound to drop some 1% today".

Sir Ed added: "Deliberately hollowing out our trade is nothing short of a scorched earth policy for our economy".

At the end of January, a coalition of 62 farming, environmental, animal welfare and public health organisations, including the NPA, called for the Government to enshrine its commitment to protect post-Brexit UK farm standards in future trade deals in law.

"That agreement on fisheries will be inextricably linked to the trade agreement", he said.

Brussels has repeatedly warned Britain the depth of future trade ties depends on how closely London adheres to European Union standards - what is known as maintaining the level playing field.

Trade talks will begin in March.

But John Allan, president of the Confederation of British Industry (CBI), warned: "Talk of a bare bones deal could pause investment".

"Humanity needs some government somewhere that is willing at least to make the case powerfully for freedom of exchange, some country ready to take off its Clark Kent spectacles and leap into the phone booth and emerge with its cloak flowing as the supercharged champion of the right of populations of the earth to buy and sell freely among each other", Mr Johnson said. We also expect a 25bp cut by the Bank of England in May, as elevated Brexit uncertainty continues to weigh on business investments (see page 2).

"If we can not manage by the end of the year, there will be a widespread cliff", he said.

"We must now agree on specific and effective guarantees to ensure a level playing field over the long term", Mr. Barnier said in a speech in Brussels.