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Real work starts now on Brexit amid "utter lack of clarity" of future trade

Posted by Warwick Business School at 30 January 2020, 22:45 CET |
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Nigel Driffield, Professor of International Business at Warwick Business School, said:

"The UK's departure from the EU may bring the political uncertainty surrounding Brexit to a close, but there remains an utter lack of clarity on our future trade arrangements.

"Now the real work begins. This is just the start of another 5-10 years of negotiations and uncertainty that will take their toll on businesses.

"The current political declaration contains very little detail on trade, except for some understanding that there will be some friction between Northern Ireland and the rest of the UK.

"Huge questions remain on key areas such as WTO terms, rules of origin, and quality assurances for exporting goods.

"This makes it much harder for investors in the UK, particularly if they seek to sell to the EU or operate supply chains that cross between the UK and the EU.

"The UK has a higher rate of foreign investment as a percentage of GDP than any other G7 country. Much of this investment is from other EU member states. There is a risk that these businesses will look to invest elsewhere if Brexit creates additional barriers to trade."

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