On 23 August 2018, the UK Government published 25 (of an expected 80) papers advising on some of the implications of a no-deal Brexit. The UK papers are useful – to a point – but they are not as helpful for business as the European Commission's on-going "Notice to Stakeholders".
Businesses should read the UK papers as well as the EU ones to get some idea of what might happen in the event of "No Deal" or a "Skinny Deal". The EU papers are available here and we have grouped the UK papers into batches below for convenience.
It is important to read the UK's papers but they are somewhat disappointing. They are both too narrow in focus and light in detail (e.g. there is nothing on food in general yet there is one prepared on organic food).
The second instalment is due in September 2018.
The papers are premised on a hope that: "a 'no-deal' scenario…remains unlikely given the mutual interests of the UK and the EU in securing a negotiated outcome". If the Brexit negotiations have taught us anything it is: (i) that the UK (c.65 million people) has a greater interest in doing a deal with the R-27 EU Member States (c.450 million people), and (ii) the EU has remained steadfast while the UK has conceded on many issues.
Therefore, as an insurance policy it would be time better spent for executives to read what might happen on the last Friday night in March 2019 or New Year's Eve 2020.
Business and Trade Generally
Taxation (specifically, VAT)
Finance, Banking & Insurance
Food & Agriculture
Pharma and Medicines