What the Brexit transition deal means for free trade?

This week, Brexit negotiators David Davis and Michel Barnier agreed in principle to a Brexit transition deal. Lasting from March 2019 to December 2020, the deal provides answers to the looming questions surrounding the UK’s economic future once it leaves the EU. Significantly, the agreement allows the UK to negotiate its own trade deals as soon as the transition period starts, meaning the country can carve out its post-Brexit strategy immediately.

While the future relationship between the UK and the EU is still in doubt, this week’s development signals a decisive step in reaching a larger agreement. In answering the questions over trade deals as well the status of EU immigrants, the deal demystifies and calms the uncertainties surrounding the future Brexit settlement. Positively for the UK, this week’s transition deal instantly increased market confidence by pushing sterling up by 0.63% against the Euro.

As the UK now shifts it sights from Brexit negotiations to future trade deals, the Government must look at what businesses are doing already so it can identify the key markets that British companies are keen to expand into. Last year, a report stated 63% of UK businesses are interested in expanding abroad; however, with the same report finding that 29% of businesses find paperwork detrimental to international expansion, more can evidently be done to support UK companies expand overseas. In fact, the Government must look at where businesses are expanding to and then assess how it can reduce the burden of this process through future trade deals.

Already pioneering growth in international markets, Market Financial Solutions (MFS) made history earlier this month. After creating the subsidiary company Market Bridge Solutions (MBS), MFS became the first UK bridging lender to expand into Singapore. Built upon a decade of knowledge and expertise gained by MFS in London’s globally renowned finance sector, MBS aims to provide bridging and alternative finance solutions to borrowers in South-east Asia.

With Singapore experiencing increased demand for alternative finance solutions and a lack of bridging loan providers, MBS will fill a gap in the market. You can read more about the launch of MBS in Yahoo Finance, Global Banking and Finance Review and Mortgage Introducer.

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