World UK agrees to give EU more time to approve Brexit trade deal
City of London pays early price of hard Brexit
Europe's financial capital is feeling the cold of Brexit but UK officials insist the City of London is suffering a temporary blip and is well-positioned to profit from new trading horizons. For the first time last month, as Britain's withdrawal from the EU took full effect, London's financial district lost its European share trading crown to Amsterdam. Researchers at IHS Markit attributed the decline to a "relatively hard Brexit", and the UKFor the first time last month, as Britain's withdrawal from the EU took full effect, London's financial district lost its European share trading crown to Amsterdam.
The UK has agreed to give the European Union more time to approve the Brexit trade deal struck between the two sides.
The agreement was struck on Christmas Eve, just days before it came into effect on 1 January.
MPs ratified the deal in a single day - on 30 December.
But it has only been provisionally implemented, as the European Parliament argued it did not have sufficient time to scrutinise the agreement before the end of the transition period.
The EU requested an extension to the 28 February deadline, something that has now been agreed to by the UK government.
Cabinet Office minister Michael Gove said: "Provisionally applying the agreement was not the United Kingdom's preferred outcome given the uncertainty it creates for individuals and businesses and indeed the parties.
United Kingdom: the cat Larry, the "mouse-in-chief" of Downing Street who does not hunt mice
© Sipa For just ten years, the cat Larry has occupied 10 Downing Street, the residence of the British Prime Ministers . Like any political leader, his "mandate" is not free from controversy. In UK, even though Queen Elizabeth II has corgis as pets, everyone loves cats. So much so that most British Prime Ministers since 1924 have adopted a feline to watch over 10 Downing Street, the official residence of heads of government across the Channel.
"Extending the period of provisional application prolongs that uncertainty."
Mr Gove said in a letter to the European Commission's vice president, Maros Sefcovic, that the UK expects the EU to "satisfy its internal requirements" before 30 April and "that we would therefore not be asked to further extend the period" beyond that point.
In the wake of the deal taking effect, Prime Minister Boris Johnson has acknowledged "teething problems" with trade between Great Britain and Northern Ireland.
There have been empty shelves in some supermarkets in Northern Ireland as retailers and businesses get to grips with the new rules on importing food products from Great Britain, as well as reports of lorries being delayed and refused entry at ports.
New WTO chief's pile of problems
The coronavirus pandemic, log-jammed trade talks and a long-delayed meeting of member states are just a few of the crises awaiting Ngozi Okonjo-Iweala as she takes the helm of the World Trade Organization next month. The WTO needs a kiss of life -- and fast -- and the first female and first African director-general of the global trade body will have to hit the ground running as she takes on the job in the middle of a major global recession. Here are the four main challenges the former Nigerian finance minister will face when she starts in Geneva on March 1: - Revive the ministerial conference -The WTO's top decision-making body meets once every two years, usually at the
The PM has promised to "do everything we need to do" - including potentially triggering Article 16 of the Northern Ireland protocol - in order to "ensure there is no barrier down the Irish Sea".
The protocol is the part of the withdrawal agreement that governs the movement of goods.
In an effort to ensure there is no hard border on the island of Ireland, the mechanism allows Northern Ireland to remain under some EU rules.
But this means there has to be customs declarations on goods entering Northern Ireland from Great Britain, including checks on some products.
The EU has in the past accused the UK government of "shortcomings" over implementing the Northern Ireland protocol.
London takes aim at Amsterdam with market shake-up .
Under proposals in a new report, company founders could maintain control even after listing them on a London exchange.Company founders could maintain control over their firms after listing them on a London exchange under its proposals.