UK businesses urged to prepare for “Australia-style” post-Brexit arrangements

Businesses across the UK have been urged to prepare for “Australia-style” no-deal arrangements ahead of the end of the Brexit transition period.

The message from Prime Minister Boris Johnson - that the country must prepare to leave the European Union on Australia-style terms of global free trade - comes after the UK government failed to reach a deal agreement in talks with the EU last week.

In addition, HMRC is today also writing to 200,000 traders who trade with the EU in a bid to set out the new customs and tax rules coming into place from January 1 2021.

The Chancellor of the Duchy of Lancaster, Michael Gove, commented: “At the end of this year we are leaving the EU Single Market and Customs Union and this means there are both new challenges and new opportunities for businesses.

“Make no mistake, there are changes coming in just 75 days and time is running out for businesses to act.

“It is on all of us to put in the work now so that we can embrace the new opportunities available to an independent trading nation with control of its own borders, territorial waters and laws.”

Business Secretary Alok Sharma added: “With just 75 days until the end of the transition period, businesses must act now to ensure they are ready for the UK’s new start as an independent trading nation once more. There will be no extension to the transition period, so there is no time to waste.

“Businesses have a crucial role to play in ensuring a smooth transition, and the Government will be there to support them through this change every step of the way.”

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