Brexit - Opportunity or Threat?

The UK government has published a Command Paper which sets out new arrangements for Northern Ireland Protocol, replacing the original Protocol.

The new Windsor Framework, which the government has negotiated, aims to address the difficulties that the original Protocol has caused, including concerns around democratic governance and Northern Ireland's place in the UK's internal market.

The new agreement aims to restore the smooth flow of trade within the UK internal market, safeguard Northern Ireland's place in the Union, and address the democratic deficit.

Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam 

The UK government has made a savvy move by officially applying to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a game-changing trade pact with 11 member countries that account for 13% of global GDP and 15% of global trade.

With a population of 500 million people in the booming Asia-Pacific region, the CPTPP sets new rules for trade in areas such as services, investment, intellectual property, digital trade and state-owned enterprises.

The benefits for the UK are substantial. Access to the CPTPP would allow the UK to negotiate higher-level agreements with its members and replace existing terms of bilateral trade agreements, including the new Japan-UK Comprehensive Economic Agreement (CEPA). With market access to the CPTPP's highly open economies, UK industries can showcase their strengths in services and digital trade while building efficient supply chain networks.

The inclusion of innovative British industries will also help existing CPTPP members modernise their domestic economies, and success stories can be instantly communicated to other global markets thanks to the power of the UK media.

For Japan and other CPTPP members, the UK's accession would strengthen bilateral economic relations and expand their geographical scope of operation, making the CPTPP more global in nature.

Equally important, the UK's reputation as an open, free market economy and a solid democracy would help bolster the credibility of the CPTPP as an institution. All in all, the UK's decision to join the CPTPP is a smart and strategic move that sets the stage for greater economic growth and opportunity.

The Office for National Statistics (ONS) produce a series of dynamically updated charts that provide an excellent overview of the UK economy, covering the areas that contribute to economic activity. It incorporates the latest data releases, formatted in to a series of charts with a brief commentary about the details of the data.

Brexit has led to many discussions and arguments about the likely short-term and long-term economic impact of Brexit. Follow the UK economy's performance as the rebound from the Covid pandemic and the exit from the EU progresses.