• Privacy policy
  • T&C’s
  • FAQ
  • Meet the Team
  • About The London Economic
  • Advertise
TLE ONLINE SHOP!
NEWSLETTER
SUPPORT THE LONDON ECONOMIC
  • TLE
  • News
  • Politics
  • Opinion
  • Business
  • Sport
  • Entertainment
  • Film
  • Food
  • Lifestyle
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
  • TLE
  • News
  • Politics
  • Opinion
  • Business
  • Sport
  • Entertainment
  • Film
  • Food
  • Lifestyle
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
No Result
View All Result
Home Business and Economics

Moody’s pass judgement on Johnson’s trade deal “skewed in the EU’s favour”

It concludes that while the Brexit agreement avoids a no-deal scenario, "it largely lacks substance in areas vital to the UK economy".

Jack Peat by Jack Peat
January 26, 2021
in Business and Economics

Credit ratings agency Moody’s has warned that the UK economy will be “significantly smaller over the longer term” owing to a trade deal that “lacks substance” and is skewed in the EU’s favour.

The damning report from the firm which assesses states’ abilities to pay their debts found that while the Brexit agreement avoids a no-deal scenario, “it largely lacks substance in areas vital to the UK economy, such as services”.

As a result Benedicte Andries, Moody’s analyst and co-writer of the report, says the UK economy will be significantly smaller over the longer term.

Queues at the borders

The report comes after significant disruption at the borders was reported after the deal was struck, with big retail chains including Tesco and Marks & Spencer both questioning the workability of new certification requirements.

They have written to the British government seeking aid in minimising tariffs. “However, this would be subject to a decision in the Joint Committee of the Withdrawal Agreement, which oversees the Northern Ireland Protocol,” the report points out.

Smaller companies have also all but given up trading outside of the UK due to the significant paperwork required.

Sadly we need to suspend accepting orders for delivery to Northern Ireland with immediate effect. We know this will be disappointing for our NI customers. We just don’t have the resources to undertake the paperwork required. We are so sorry. pic.twitter.com/O72VIhvmES

— The Ethical Dairy (@theethicaldairy) January 25, 2021

Significant non-tariff barriers

More broadly, Moody’s state that the agreement leaves Britain facing significant non-tariff barriers in trade with the EU.

RelatedPosts

Government advertorials claim success as factory output slows in Feb amid Brexit and Covid supply chain woes

Brexit: Bank of England boss warns EU over ‘serious escalation’ in financial services grab

Boardroom battle at Danone sees two schools of capitalism go head-to-head

‘Roadmap or not, I feel completely abandoned’ – small business owners slam Government

They say it includes relatively few measures to reduce the need for customs checks and control or to eliminate the need for dual certifications.

While goods originating the in the EU or UK are not subject to tariffs when they are exported to either jurisdiction, they must be accompanied by customs and security declarations, as well as pre-boarding notifications, when they are shipped.

Moody’s also argues that the agreement does not tackle all of the uncertainties that have hampered investment in the UK since the June 2016 Brexit vote.

The agency says that it has already incorporated the likely impact of the deal into its ratings for sovereign and domestic UK borrowers.

Related: Brussels to launch communication campaign aimed at teaching young Brits about EU

Since you are here

Since you are here, we wanted to ask for your help.

Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.

Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.

If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.

To donate or subscribe to The London Economic, click here.

The TLE shop is also now open, with all profits going to supporting our work.

The shop can be found here.

You can also SUBSCRIBE TO OUR NEWSLETTER .

Tags: headline
Support fearless, free, investigative journalism Support fearless, free, investigative journalism Support fearless, free, investigative journalism

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending fromTLE

  • All
  • trending

What If We Got Rid Of Prisons?

Stress, fear and homelessness: The threat looming over families confronted with eviction

File photo dated 07/11/03 of a prison cell.

The Other Prison Pandemic

Latest from TLE

Bishop of Leeds asks govt to explain why pooled sovereignty is a ‘positive’ with US and a ‘deficit’ with EU

Credit;PA

Trust ‘completely destroyed’ in complaints process after Patel bullying row

Gnocchi recipe with Gorgonzola, sage & walnuts 10 Greek Street

How To Make: 10 Greek Street’s Gnocchi with Gorgonzola, Walnuts & Sage

David Cameron is the latest ex-PM to receive a coronavirus vaccine

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

Address

The London Economic Newspaper Limited t/a TLE
Company number 09221879
International House,
24 Holborn Viaduct,
London EC1A 2BN,
United Kingdom

Contact

Editorial enquiries, please contact: jack@thelondoneconomic.com

Commercial enquiries, please contact: advertise@thelondoneconomic.com

SUPPORT

We do not charge or put articles behind a paywall. If you can, please show your appreciation for our free content by donating whatever you think is fair to help keep TLE growing and support real, independent, investigative journalism.

DONATE & SUPPORT

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Opinion
  • Business
  • Sport
  • Entertainment
  • Film
  • Lifestyle
  • Food
  • Property
  • Travel
  • Tech & Auto
  • About The London Economic
  • Meet the Team
  • Privacy policy

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.