The light-touch regime will apply both in a deal and “no-deal” scenario, and its announcement today resulted in a slight boost to the medium term outlook for the pound.
However, officials concede that goods flowing to the EU from the UK are likely to still face full checks.
The UK government's previous plans to not put border checks in place for goods moving from Great Britain to Northern Ireland in place have also changed, as it was recently revealed that border checks will be implemented and border inspection posts at three ports in Northern Ireland are to be erected, with HMRC now starting to share details of a new electronic system to manage RoRo traffic between Great Britain and Northern Ireland.
You can find the policy paper regarding the UK's approach to the Northern Ireland protocol here.
The UK Government has today formally notified the EU that it will neither accept nor seek any extension to the Transition Period.
Prime Minister Boris Johnson and European Commission President Ursula von der Leyen confirmed to hold a call on June 15 to inject momentum into the deadlock talks over the future relationship of the EU-UK.
If you have questions or would like support in preparing for the required customs processes and declarations needed from 1st January 2021, please contact our dedicated team here.
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