This week, the government made headlines by proposing a new Internal Markets Bill which could re-write parts of the Brexit Withdrawal Agreement which the Prime Minister signed earlier this year. The Prime Minister has defended the planned changed to the withdrawal agreement, calling them a “legal safety net” which could protect the UK.
Now, a financial expert has told Express.co.uk the government should make sure clarity is at the forefront of any plans going forward.
Mike Hampson, CEO of financial advisory firm Bishopsgate Financial, praised parts of the proposed changes, particularly where business support is concerned.
He said: “They just have to be very careful about how they go about it.
“You want government supporting British businesses. You want government being in a position to be able to support industries and specific areas and not to have to bow to pressure from somewhere else.”
At the same time, businesses have repeatedly called for clarity over Brexit so they can plan ahead for a potentially brand new operating environment after December 31.
Mr Hampson urged the government to be cautious with plans to re-write the withdrawal agreement, suggesting it will make the outcome of Brexit less clear than before.
He said: “What we need to get to is some sense of clarity of direction for businesses to work around it.
Mr Johnson has said the UK’s Internal Markets Bill would help protect the Northern Ireland peace process.
The bill also grants the government with powers to override obligations on state aid and government support for businesses which had been previously agreed with the EU.
It also proposes no new checks on any goods moving from Northern Ireland to the rest of Great Britain, the BBC reports.
Post-Brexit trade deal talks are scheduled to continue despite the EU threatening legal action over the UK’s proposed Internal Markets Bill.
Trade talks are due to carry on this coming Monday – the same day the bill will be formally debated by MPs.
The EU has threatened to scrap trade talks altogether in the bill were to go ahead.
The government has asserted it will go ahead with the bill regardless.