Canada is expecting Great Britain to be a part of a preliminary free-trade agreement between Canada and the European Union (EU). Whether this deal would result automatically into a free trade agreement in between Canada and the UK, it still depends on the pact that UK has with EU.
Even if UK has chosen to leave the EU, it still remains a member up to this moment. Talks about terms of its exit and continued relationship with the EU are likewise expected to commence in 2017.
The interesting part of this story is that UK, being an EU member, is supposedly not advised to make separate agreements with third parties.
Business State of the UK
The UK is composed of England, Scotland, Wales, and Northern Ireland. While it’s often confused with Great Britain, the latter actually refers only to England, Scotland, and Wales.
Through the years, the UK has established quite a steady financial growth. It likewise was able to maintain low unemployment and low inflation rates.
Unemployment rates are lower than other countries such as the US, Germany, and Japan. Inflation, on the other hand, has likewise dropped to as low as 0.1%.
Keeping up with the Business Markets
Despite Britain’s exit from the European Union (EU), it’s still poised to do well economically. In fact, the decision will allow Britain to reclaim some parts of its national authority that it has previously ceded.
Being one of Germany’s most profitable markets, Britain is very hard to ignore. In fact, trade surplus with the UK reached over $50 billion euros last 2015. Therefore, it won’t make sense if Germany shuts the UK out of a free trade deal with the EU.
Moreover, Brexit will likewise pave the way for UK to possibly correct some mistakes it has made in the past due to EU’s centralized power structures.
However, Brexit will have little impact on compliance with international quality standards like ISO 9001.
Business in the Internet
Online business in the UK has significantly grown through the years. However, an independent research found out that not all people selling goods online are aware about their responsibility to pay taxes for their sales profits.
One seller, who was interviewed, said that he does not clearly view his as a running business. Interestingly, he’s generating a huge chunk of money for selling goods online.
When asked about his thoughts, a financial expert said that people should check with the government agency if their activities online qualify them as a “running business.”