Temporary trade agreement between Canada and the UK

Britain has signed a preliminary trade agreement with Canada. The agreement signed on Saturday paves the way for future negotiations on a new, adapted agreement between the two countries, the British government said.

“This is a fantastic deal for the UK, securing transatlantic trade with one of our closest allies,” said British Prime Minister Boris Johnson. “British companies export everything from electric cars to sparkling wine to Canada, and today’s deal will see the trade move from strength to strength.”

The UK continues to trade with other countries within the European Union after withdrawing from the EU in January. The transition phase is expected to end on December 31st. Without new bilateral trade deals, trade with countries could be affected by tariffs and bureaucracy. The provisional deal with Canada is the UK’s second major trade deal after Brexit. Britain signed a free trade agreement with Japan in October.

Planned overspending

Great Britain is not only realigning itself in trade policy, there is also a turning point in fiscal policy: For example, the British Finance Minister Rishi Sunak does not want to return to the rigid austerity course of previous years despite the rising national debt as a result of the corona crisis. He will announce “no austerity measures”, Sunak told Sky News on Sunday with a view to his budget presentation planned for Wednesday. Instead, there will be overspending in the public service – “a fairly substantial increase”. The crisis has torn a £ 200 billion hole in Sunak’s financial plans.

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