04-03-2017, 10:56 PM
Norway is part of the EU's single market, but it is not part of the customs union. So it sets its own tariffs on goods imported from outside the single market. But Norwegian goods (with exceptions for farm produce and fish) are imported tariff-free into the EU. That means that Norwegian exporters have to contend with what are called "rules of origin", to demonstrate that their goods qualify as having originated in Norway and are therefore eligible for tariff-free entry to EU countries.
Free trade area, single market, customs union - what's the difference? - BBC News
The 85-page form is a Home Office bureaucrat’s wet dream, as anyone can stumble while filling in the mind-numbing details asked for and thus be rejected. In Berlin, the head of the Brexit department in the foreign ministry told me: “We have been asking London to supply a list of names of the EU citizens resident in the UK and they cannot.” In Warsaw, Poland’s Europe Minister says that the question of social security rights and payments is central and that is not an EU but a national competence. In Spain, there are 300,000 British expats officially registered as living there but the British embassy reckon there are probably up to one million Brits with a home or business or who have retired to Spain. Who will list all of these and will the NHS keep sending £250m a year to Andalusia and Valencia to pay for the medical care of British wrinklies?
Finally, Madrid has got what it has wanted since joining the Union 30 years ago. “No agreement between the EU and the United Kingdom may apply to the territory of Gibraltar without the agreement between the Kingdom of Spain and the United Kingdom,” the document says
Mrs May says she wants the UK to reach a new customs union deal with the EU. A customs union is where countries agree not to impose tariffs on each others' goods and have a common tariff on goods coming in from elsewhere. The UK is currently part of the EU customs union but that stops the UK being able to do its own trade deals with other countries.
Brexit: All you need to know about the UK leaving the EU - BBC News
Gallo pointed to four market stresses ahead for the U.K. The first will come from the depreciation of the pound, he said, although he noted that while it could fall further, that's largely played out already. The pound has dropped from as high as $1.50 just before the vote to exit the European Union to as low as $1.1979. On Tuesday, it was trading around $1.2560. That will spur the second market stress, higher inflation, he said. "That hurts people. It hurts in particular the middle-and-low wage families that are exactly the ones that voted Brexit," he said. "Populism is bad for the same people it's advocated for. These are people that have not seen their wages go up in the last decade and now they're going to see the prices of food and other goods going up." He noted that the U.K. imports around 50 percent of its food and 70 percent of its fruits and vegetables, adding that higher prices will force people to squeeze consumption. Getty Images An American tourist stands near the Houses of Parliament the day after the majority of the British public voted to leave the European Union on June 25, 2016 in London, England. The third stress will come from the U.K. government needing to increase spending in the wake of Brexit, which will likely increase the cost of funding, he said. The fourth market stress could come from a drop in property prices, Gallo said.
Brexit will bring four types of market distress: Portfolio manager