Please see below for today’s key Brexit news items:

  • The Taxation (Cross-border Trade) Bill, previously known as the Customs Bill, has been published today. The Bill contains provisions to permit the UK to set and levy customs outside the EU, impose trade remedies and create a unilateral trade-preference scheme. This will help ensure that goods can move smoothly and safely in and out of the UK, and that everyone pays the right tax. (Gov.UK)
    • Please find the text of the draft Bill here
  • Theresa May would need to secure a clear Brexit transition agreement by March if she wanted to avoid a “snowballing” number of companies activating contingency plans and even moving operations out of the UK, the Institute of Directors will warn. Stephen Martin, director general of the business group, is to issue the ultimatum to the government at the IoD annual dinner on Tuesday. He will say the time would come soon when the IoD may have to advise all of its members to be ready for no deal and urged the government to stop this outcome. (The Guardian)
  • Brexit supporters in the cabinet have agreed the UK should offer to pay more money to the EU as it leaves. But no formal offer will be made until the EU agrees to begin talking about a new trade deal with the UK. No new figure has been given – but it is thought it could be up to £40bn, which would be double what the UK’s offers so far add up to. The UK and the EU have yet to agree on the so-called “divorce bill” with the UK due to leave the EU in March 2019. (BBC News)
  • Airbus has told MPs that Britain risks losing the “crown jewels” of its aviation industry to China as a result of Brexit, putting up to 7,000 wing-manufacturing jobs in Wales at risk. The head of the company’s UK operations warned the business select committee that the threat of new customs bureaucracy and reduced employee mobility could deter long-term investment and accelerate a shift to Asia. (The Guardian)