As UK Begins Celebration in Awe of Brexit, Johnson Warns that Businesses Might Suffer

by Vallari Gupte

The newly formed British government has planned a special event for the night of 31st January as the country finally leaves the European Union, a lifelong dream for the British as it seems. However, the country’s treasury chief brings a stern warning that the sudden dropout from the EU will severely affect U.K.’s business sectors.

Sajid Javid told the Financial Times in an interview on Saturday that Britain’s future regulations will not be aligned with the EU and that the changes implemented may hurt some businesses. Notably, the EU is Britain’s largest trading partner in all aspects of businesses.

“There will not be alignment, we will not be a rule-taker, we will not be in the single market and we will not be in the customs union and we will do this by the end of the year,” he said, referring to a deadline at the end of 2020 for conclusion of what are expected to be contentious trade talks with the then 27 member EU.

Britain will officially leave the EU Bloc on January 30th, however, EU rules dictates that Britain will have to serve a probationary leave period for another 11 months. Britain will be the first nation to exit the EU voluntarily and the British plans to mark the special occasion with a series of events planned for the auspicious day.

Johnson plans to make a special appearance and even deliver a nationwide address after holding a rare cabinet session in North England to perhaps further discuss and underline the government’s plan to handle the huge transition. The focus of the meeting will be to handle the economic blunders that Britain might have to face if the situation is not handled proficiently.

Britain became the first nation to exit the 28-nation EU and the process has severely slowed down after inception in 2016. However, last year’s election put Johnson in power and a quick divorce bill was passed in the Parliament.

Vallari Gupte

I am a business and technology reporter who is intrigued by new innovations and ideas. My desire to bring the latest news in the tech and business world to people has prompted me to create a blog that centers on the challenges, advancements, and innovations in these sectors. I am currently workinRead more...