7/12/2018, 2:30 PM (Source: TeleTrader)
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UK to leave EU single market, create 'facilitated customs arrangement'

The United Kingdom will leave the European Union's single market and customs union after the country officially leaves the bloc but will create a "facilitated customs arrangement" in order to prevent a hard Irish border, according to the white paper published by the UK government on Thursday. According to the arrangement, the UK will be able to collect tariffs on behalf of the EU, but leaves open the possibility of creating a new tariff system in case London signs trade deals with other countries. In order to maintain frictionless trade between the UK and the EU, London will stick to the "common rulebook," meaning it will sign up to EU rules and regulations for goods.

Regarding the amount of money the UK needs to pay the EU upon leaving, the so-called divorce bill, the document states that the sum agreed in principle is £39 billion, but makes clear that t6he country will continue contributing to some EU budgets as part of an "association agreement." However, Brexit Secretary Dominic Raab (pictured) told Parliament that "the UK will not pay money to the EU for nothing," adding that there will be consequences for the whole deal if one side fails to honor its side of the bargain.

Breaking the News / FH