This is a positive and pragmatic step forward in resetting the UK-EU relationship on more stable terms.
It’s been clear from our conversations with Chartered Institute members and the wider trade community that the proposed youth mobility scheme, alignment on SPS standards, and progress on emissions trading are all areas where businesses stand to benefit directly.
The EU remains the UK’s largest trading partner by volume, and we estimate that a closer, more frictionless relationship could add £40-60 billion to UK GDP over the course of this Parliament.
Importantly, the proposals would also help smooth trade flows between Great Britain and Northern Ireland, reducing complexity for businesses operating across the UK.
Businesses thrive on clarity, and progress in these talks - alongside new agreements with India and the US - sends a strong signal that the UK is serious about open, rules-based global trade.
There’s still a long way to go, and the Chartered Institute stands ready to continue supporting industry through the detail as it emerges.
