• No-deal Brexit papers published: The UK Government has published 25 technical notices on how business and citizens can prepare for a “no deal” Brexit scenario. Further papers will be issued throughout August and September – up to a total of 80. Today’s technical notices cover:
  • Applying for EU-funded programmes
  • Civil nuclear and nuclear research
  • Farming
  • Importing and exporting
  • Labelling products and making them safe
  • Money and tax
  • Regulating medicines and medical equipment
  • State aid
  • Studying in the UK or EU
  • Workplace rights

The full papers can be found here .

  • UK business told to hire customs agents if there is no Brexit deal: British companies exporting to the EU will face a blizzard of red tape if there is no Brexit deal, and should consider hiring customs agents to help them deal with it, the government said. In a series of technical notices on the consequences of a no-deal Brexit, the UK’s Department for Exiting the EU said trade with the bloc would revert to “non-preferential, World Trade Organization terms”. It added that exporters should think about engaging “the services of a customs broker, freight forwarder or logistics provider to help, or alternatively secure the appropriate software and authorisations”. (Financial Times)
  • Philip Hammond exposes Cabinet split over no-deal Brexit with warning of ‘large fiscal consequences’ for UK: Philip Hammond has warned that leaving the EU without a deal will have “large fiscal consequences” for Britain just moments after Dominic Raab suggested most people would not even notice its impact. The move will infuriate Eurosceptic Tory MPs, who will see it as an attempt to force through the Prime Minister’s Chequers compromise. The original analysis, which was published in January, found that a no-deal Brexit would cost the economy £80billion and could lead to tax rises or spending cuts. He said: “GDP impacts of this magnitude, were they to arise, would have large fiscal consequences. The January analysis estimated that borrowing would be around £80 billion a year higher under a no deal/WTO scenario by 2033-34, in the absence of mitigating adjustments to spending and/or taxation, relative to a status quo baseline. “However, we expect the analysis to show that for scenarios in which we have higher barriers to trade with the EU there will be a more damaging effect on the economy and public finances. “This is because any direct financial savings are outweighed by the indirect fiscal consequences of a smaller economy.” (Telegraph)
  • Britons in EU could lose access to UK bank accounts: Consumers would face slower and more costly credit card payments when they buy EU products, and British citizens living abroad could lose access to their bank accounts, in the event of a no-deal Brexit, the government has warned. With UK banks likely to lose access to EU payments systems, the financial services paper warns that, “customers (including business using these providers to process euro payments) could face increased costs and slower processing times for euro transactions”. It added: “The cost of card payments between the UK and EU will likely increase.” Customers of UK banks living in the EU “may lose the ability to access lending and deposit services, and insurance contracts”, the paper says. (The Guardian)
  • Medicine stockpiles and emergency airlifts in the event of ‘no-deal’ Brexit: The government has asked the pharmaceutical industry to make plans to hold additional stocks amid concerns that hospitals and pharmacists could run short of supplies in the event of disruption at UK borders. The instruction, which relates to medicines with a short shelf-life such as radioactive isotopes, implies that the government envisages there could sizeable delays of more than 24 hours at borders in the event the UK falls out of the European Union without a deal. Hospitals, GPs and community pharmacies meanwhile have been explicitly told not to hold extra stocks, and warned that they could face investigation for over-ordering. (Sky News)