Post by Deleted on May 31, 2023 12:59:50 GMT
Great! The thing, though, is; what does Kemi B mean exactly by reaping "the rewards of our status as an independent trading nation and seize new opportunities?” If by rewards she means the 0.08% GDP increase by 2023; then, yay! I suppose, 0.08% is 0.08% more to the economy. But when you juxtapose that figure against the potential ruination of British farming, then that reward begins to lose its value. IMM, of course.
Excerpts from: www.theguardian.com/business/2023/may/31/uk-post-brexit-trade-deals-with-australia-and-new-zealand-kick-in
UK’s post-Brexit trade deals with Australia and New Zealand kick in
The UK’s post-Brexit trade deals with Australia and New Zealand have come into force, a moment lauded by the government as “historic” despite critics arguing they give away “far too much for far too little”.
The government’s own calculations estimate that the deal will have a negligible long-term contribution to the British economy, forecasting it will increase UK GDP by only 0.08%, or £2.3bn a year, by 2035.
This has prompted criticism in Britain that the deals were one-sided, and especially disadvantaged British farmers.
Eustice, an enthusiastic Brexiter, criticised the agreement last November for giving too many concessions to Australian and New Zealand farmers, telling the Commons: “Overall the truth of the matter is that the UK gave away far too much for far too little in return.”
The agreements – negotiated by Liz Truss during her time as trade secretary – are the first to take effect, after the UK, Australia and New Zealand completed their domestic ratification processes.
The move means that from Wednesday tariffs on all UK goods exports to Australia and New Zealand will be removed, access to these markets for services unlocked and red tape slashed for digital trade and work visas.
Special shipments of British goods such as signed Beano comics will be among the first to be sent under the new arrangements.
The business and trade secretary, Kemi Badenoch, called it a “historic moment”, adding: “Businesses up and down the country will now be able to reap the rewards of our status as an independent trading nation and seize new opportunities, driving economic growth, innovation and higher wages.”
Ministers say that alongside the new trade deals, young Britons will also benefit from opportunities in Australia, thanks to the expansion of the shared youth mobility and working holiday maker visa schemes.
On 1 July 2023, the age limit for UK applicants going to Australia will go from 30 to 35 years old, and from 1 July 2024, Britons will be able to stay in Australia for up to three years without having to meet specified work requirements.
Excerpts from: www.theguardian.com/business/2023/may/31/uk-post-brexit-trade-deals-with-australia-and-new-zealand-kick-in
UK’s post-Brexit trade deals with Australia and New Zealand kick in
The UK’s post-Brexit trade deals with Australia and New Zealand have come into force, a moment lauded by the government as “historic” despite critics arguing they give away “far too much for far too little”.
The government’s own calculations estimate that the deal will have a negligible long-term contribution to the British economy, forecasting it will increase UK GDP by only 0.08%, or £2.3bn a year, by 2035.
This has prompted criticism in Britain that the deals were one-sided, and especially disadvantaged British farmers.
Eustice, an enthusiastic Brexiter, criticised the agreement last November for giving too many concessions to Australian and New Zealand farmers, telling the Commons: “Overall the truth of the matter is that the UK gave away far too much for far too little in return.”
The agreements – negotiated by Liz Truss during her time as trade secretary – are the first to take effect, after the UK, Australia and New Zealand completed their domestic ratification processes.
The move means that from Wednesday tariffs on all UK goods exports to Australia and New Zealand will be removed, access to these markets for services unlocked and red tape slashed for digital trade and work visas.
Special shipments of British goods such as signed Beano comics will be among the first to be sent under the new arrangements.
The business and trade secretary, Kemi Badenoch, called it a “historic moment”, adding: “Businesses up and down the country will now be able to reap the rewards of our status as an independent trading nation and seize new opportunities, driving economic growth, innovation and higher wages.”
Ministers say that alongside the new trade deals, young Britons will also benefit from opportunities in Australia, thanks to the expansion of the shared youth mobility and working holiday maker visa schemes.
On 1 July 2023, the age limit for UK applicants going to Australia will go from 30 to 35 years old, and from 1 July 2024, Britons will be able to stay in Australia for up to three years without having to meet specified work requirements.