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On July 7, 2018, the Cabinet agreed the preferred basis for the UK’s future relationship with the EU. The overall aim is to
- Give the UK an independent trade policy with the ability to set its own non-EU tariffs and to reach separate trade deals
- End the role of the European Court of Justice in UK affairs
- End annual payments to the EU budget with appropriate contributions for joint action in specific areas.
The plan consists of three main sections
1. Common rulebook
This would cover all goods including agricultural products. It would commit the UK to continued harmonisation with EU rules, avoiding hard borders with the EU including Northern Ireland. Parliament would oversee UK’s trade policy and have the ability to diverge from the EU. Cooperative arrangements would be established between EU and UK competition regulators. Different arrangements would be organised for trade in services where it would be in UK’ s interests to have regulatory flexibility.
2. Facilitated customs arrangements
The borders between the UK and the EU would be treated as a combined customs territory. The UK would apply domestic tariffs and trade policies for goods intended for the UK but charge EU tariffs or their equivalent for goods bound for the EU.
3. Free movement of people
The plan would end the free movement of people, giving the UK back control over its borders. A ‘mobility framework’ would allow UK and EU citizens to travel to each other’s territories and apply to study and work.
For further details see the BBC news summary.