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UK to Switzer its EU relations in hopes of easing trade barriers

  • By Al Mayadeen English
  • Source: Agencies
  • 20 Nov 2022 15:40
  • 1 Shares
3 Min Read

The UK is seeking to develop a Swiss-style agreement with the EU in an attempt to ease trade barriers and eventually decrease the inflation rate.

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  • UK and EU face trade barriers and increasing inflation rates (PA)
    UK and EU face trade barriers and increasing inflation rates (PA)

A so-called Swiss-style relationship with the EU is being considered by senior UK government officials as a means to ease trade barriers following the 2020 Brexit decision, The Times reported.

The newspaper reported that numerous members of Prime Minister Rishi Sunak's cabinet want to establish streamlined economic ties with the EU by adopting the "Swiss model," which entails signing a number of bilateral agreements with Brussels. Behind closed doors, authorities stated that the change should occur over the following ten years and that it would be advantageous for all parties.   

Government officials emphasized that the arrangement would not include freedom of movement.

According to Downing Street officials, the EU is becoming increasingly eager to enable strong economic links with the UK as a result of high inflation.

Hardcore Brexiters find the potential reconciliation between London and Brussels upsetting because they perceive it as a "betrayal" of the liberties that the UK gained as a result of the separation.

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When he releases an emergency budget statement on Thursday, his Finance Minister, Jeremy Hunt, told Sky News that the hurt will fall disproportionately on the better off. "We're all going to be paying a bit more tax, I'm afraid," he said while refusing to be drawn into detail on the plan after a tax-cutting budget by Truss caused panic in financial markets.

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