LONDON Alvin Kamara Hoodie , Aug. 15 (Xinhua) -- Tuesday's announcement by the British government that it had a formal plan for trade with the European Union (EU) for a period after it formally leaves the bloc was met with cautious approval by business leaders while some other people criticized it.
London announced Tuesday that it wanted a temporary form of customs union to continue trading with the EU after the United Kingdom (UK) formally left the union, which is scheduled for the end of March 2019, in what it described as a transition deal.
Businesses, the City (British financial sector), and services had all expressed concerns that the departure of the UK from the EU would lead to a "cliff-edge scenario" where trade was governed by UK rules and then suddenly by less favorable World Trade Organization (WTO) rules Drew Brees Hoodie , increasing bureaucracy, costs and tariffs when the exit took place.
This scenario would have been unwelcome, with businesses preferring the certainty of a negotiated settlement, which could provide better terms than WTO rules.
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