The EU’s chief Brexit negotiator, Michel Barnier, has warned European businesses to prepare for “inevitable changes” after the end of the transition period. The French politician said firms and citizens have just five months to prepare for Britain leaving the bloc’s single market and customs union. He said: “The Brexit transition ends on December 31. In five months, the UK leaves the EU’s single market and customs union. Changes are inevitable, with or without an agreement on the new partnership. Companies and citizens must get ready.”
His speech comes as the European Commission published a 39-page dossier of preparations businesses and citizens need to make before the end of the year.
Member states are warned that choices made by Prime Minister Boris Johnson in pushing to deviate from EU rules and opting not to extend the transition period beyond December meant “inevitable disruptions” will occur next year.
This would “risk compounding the pressure that businesses are already under due to the COVID-19 outbreak”.
Despite the clear need for businesses to prepare for a no deal Brexit, the warnings included in the 39-page dossier could be incredibly dangerous for Mr Barnier.
In 2016, the former Chancellor of the Exchequer claimed the UK would have been “permanently poorer” if it voted to leave the bloc.
The then Chancellor sensationally claimed the country would have been left with a £36billion financial black hole by 2030 because the economic hit from pulling out of the EU, according to research released on April 18, 2016.
Mr Osborne heralded the analysis as a welcome dose of “facts” in the Brexit debate, which he insisted was “economically illiterate”.
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Former Chancellor of the Exchequer George Osborne
However, just one in ten key Government forecasts about the frightful impact of the European divorce has come true, according to a study published by think tank Change Britain the year later.
Mr Osborne also forecast 500,000 higher unemployment, claiming uncertainty would have reduced demand.
He said “it would be the poorest” who would be ravaged by an EU exit, citing people whose jobs “depend” on the car plants and steel-making factories.
However, in 2017, former Labour MP Gisela Stuart and Change Britain chairman said: “The Remain campaign fed the public stories of doom and gloom but this analysis shows why voters were right to see through their scaremongering.
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Former Governor of the Bank of England Mark Carney
“Growth continues to be upgraded, employment is at a record high and a number of multinational businesses have made major investment announcements into the UK.
“The British people had the confidence to reject Project Fear and back Project Hope.
“Outside the EU we can begin a process of national renewal and look forward to a strong and flexible economy which benefits everyone across the UK.”
According to Change Britain, just two out of 19 predictions made by Government peers in the run-up to the referendum can be shown to be true.
Former Governor of the Bank of England Mark Carney was also often accused of contributing to “Project Fear” during the 2016 EU referendum, particularly after he warned that a vote to leave the bloc could have pushed the economy into recession.
Not only did a recession never materialise, the Bank of England’s prediction that the economy would stagnate in the second half of 2016 was incorrect, as it grew 0.6 percent in the third quarter.
Source Daily Express :: UK Feed