There is no majority in the Parliament any more for a hard Brexit where Britain is leaving the single market and the customs union but there is still a strong majority in the ruling Conservative Party for a hard Brexit.
The EU proposed that the UK detach Northern Ireland from the Great Britain and allow the region to remain in the customs union and the single market in order to do without the strict border controls.
When supporters of the EU speak of the possibility that the UK will leave the EU, they often talk about it“turning its back on”, or even“being shut out of”, the single market.
No deal would mean falling back on WTO terms, implying not just non-tariff barriers and lost access to the single market but actual tariffs on exports of cars, pharmaceuticals, processed foods and much else.
Leading bankers who have held talks with government ministers have told the Financial Times they believe Theresa May, the prime minister, will end up taking Britain out of the EU's single market and customs union.
In the 1990s onward, the EU thus faced a major challenge of not only increasing its membership, but also unifying and"consolidating" policies and institutions for a single market.
A value-added tax was regarded as the optimal structure in order for Europe to function as a single market and to achieve fair competition within countries and within the region.
Carolyn Fairbairn, the director-general of the Confederation of British Industry, said ruling out membership of the single market“reduced options for maintaining a barrier-free trading relationship between the UK and the EU”.
Nevertheless, it will preserve the benefits, the advantages of the single market and the customs union… and will therefore be required to respect all the European rules just like all member states do.”.
The Blue Guide is intended to contribute to a better understanding of EU product legislation and to its more uniform and coherent application across different sectors and throughout the single market.
S&P fears that loss of unfettered access to the single market would have incalculable consequences for business, yet the Government so far appears almost insouciant about this.
Particular emphasis will be put on migration and security issues, the Single Market, social inclusion, Europe's neighbourhood, the Mediterranean and the maritime sector.
Margrethe Vestager, the EU's competition policy chief, said banks“have to respect EU competition rules just like any other company operating in the single market.”.
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