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News & Knowledge

Global Britain – Outward Looking and Open for Business

17th February 2021

Critics have claimed that the UK’s departure from the EU indicates that the UK is protectionist and less outward looking. The reality is, that nothing could be further from the truth. MSI's Channel Islands member firm Dixcart Trust Corporation Ltd provides its point of view in this opinion piece.

Leaving the EU has given the UK the chance to embrace a more global identity and establish new trade links with the rest of the world whilst preserving its trading relationship with the EU.

How Has the UK Done So Far?

A Brexit critic taunted “The UK has not negotiated an international trade deal in decades. The UK simply lacks the capacity.”  Two years later the UK has dumbfounded its critics having negotiated trade agreements with 63 countries plus the EU deal, which together cover £885 billion of UK trade.  No other country has ever negotiated so many deals simultaneously.

The UK has negotiated a unique deal with the EU which separates the UK from the EU but at the same time preserves quota and tariff free trade in goods.

Trade negotiations also continue with Australia and New Zealand as well as enhanced continuity deals with Canada, Mexico and Turkey.

The UK is also pushing to join the Pacific Nations Partnership. The UK’s inclusion in this bloc would increase the Global GDP that it represents to 17%, which is greater than the Global GDP represented by the EU.  If, as expected under Joe Biden, the US also joins this trading bloc, it will be the largest in the world.

An enhanced trade partnership was announced between the UK and India, on 10th February 2021: https://www.gov.uk/government/news/liz-truss-deepens-trade-ties-announces-investment-wins-in-india

Freedom of Movement

One of the consequences of  the UK leaving the EU is it will no longer be possible for Europeans to live and work in the UK without the necessary Visas.

The UK has introduced a new points based system, for those wishing to move to the UK. It believes this will enable the UK ambition to ‘build back better’, to be met, following the end of the coronavirus crisis.

The new system applies the same rules on migration to everyone, creating a level playing field which will enable the UK to attract the brightest and best regardless of where they come from.

Moving Forward

The UK Government intends to make it easier to invest in big manufacturing and research and development projects across the country.  It is to develop freeports to attract investment into deprived coastal areas.  There is also the intention to cut red tape to make it easier for businesses to flourish

Conclusion

The UK has made a good start in living up to its Global Britain vision.  It is also ahead of the curve on rolling the Covid vaccine out, which means that business will have the chance to recover and flourish sooner rather than later.

About Dixcart Trust Corporation Ltd - Guernsey

Dixcart Trust Corporation Limited is incorporated in Guernsey, licensed by the Guernsey Financial Services Commission, and provides a full range of fiduciary services.

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