US News Brexit: London wants to tax European water to better defend its oysters

© AFP Police officers talk to a driver working in the shellfish industry who brought his truck to central London to protest against post- Brexit red tape and coronavirus restrictions - AFP. The import of European mineral water and several food products into Britain could be restricted under retaliatory measures being considered by ministers over Brussels' refusal to end its blockade on UK shellfish. The Telegraph can disclose that ministers are looking at proposals dubbed " Water Wars" which could see the UK end a number of continuity arrangements it has agreed with the EU. www.msn.com

The EU's Brexit Task Force met with the European Parliament's TAX 3 secretariat last week to discuss how Britain will align its tax rules with the EU. Campaign groups fear this proposal will be used to deliberately undermine a post- Brexit economy. The draft documents, written by the TAX 3 committee, state: 'The intention is that they commit to continue to alignment with EU standards, including for their overseas countries and territories'. 'The mandate for the negotiating team is to define and create a level playing field, taking into consideration four main areas, of which one is taxation'. www.dailymail.co.uk

London (CNN) The United Kingdom and European Union have reached a post- Brexit trade agreement after months of fraught negotiations. The breakthrough averts a much-feared "no-deal" scenario that would have sparked economic chaos Echoing the nationalistic rhetoric that featured so prominently in the Brexit referendum campaign he said: "We've taken back control of our laws and our destiny from January 1, we are outside the customs union and outside the single market; British laws will be made solely by the British parliament, interpreted by the UK judges sitting in UK courts; and the jurisdiction of. edition.cnn.com

UK Chancellor of the Exchequer Philip Hammond and Secretary of State for International Trade Liam Fox want the continuation of the smooth trade relations with the European Union.

But for Europe to create its own self-sustaining market, it needs to think about what clients — such as London ’s prized ecosystem of hedge funds — want rather than obsessing about market infrastructure or where investment banks are opening subsidiary offices. The worry among London ’s financiers is that Europe will always prefer the stick to the carrot. Bank of France Governor Francois Villeroy de Galhau is insisting that Europe ’s banks must cut back on using U.K.-based clearing houses after Brexit .

In the area of tax and customs, this means, for example: You need to file customs declarations when importing or exporting any goods to/from Great Britain (the UK excluding Northern Ireland) or when moving your goods through Great Britain. You may need to provide security and safety data, in addition to the customs declaration. To assist businesses, the Commission has published detailed guidelines on a wide range of specific topics. In the area of tax and customs, the relevant guidelines can be found below

Brexit 's biggest disadvantage is its damage to the U.K.'s economic growth. Most of this has been due to the uncertainty surrounding the final outcome. International companies are less likely to use London as an English-speaking entry into the EU economy. Barclay's moved 5,000 clients to its Irish subsidiary, while Goldman Sachs, JP Morgan, and Morgan Stanley switched 10% of their clients. Bank of America has also transferred 100 bankers to its Dublin office and 400 to a broker dealer unit in Paris.

The terms of the Brexit deal renegotiated between London and Brussels in October 2019 and approved by EU27 countries, and the British and European parliaments, come into effect after the UK leaves the EU on January 31, 2020. However, the Conservative government has made it clear it wants to reduce immigration to the UK and intends to end free movement for EU nationals as soon as possible. It has plans for a "points–based" immigration system for both EU and non-EU migrants, giving priority to those with skills.