Chequers’ Brexit White Paper explained in 300 words

Dylan Martinez  Reuters

Dylan Martinez Reuters

"It will be interesting to see what the White Paper has to say but I think it is very unlikely that the mood within the parliamentary party is going to change".

"I read reports where that won't be possible but I believe, after speaking with the Prime Minister's people and representatives and trade experts, it will absolutely be possible".

Let's look at goods first.

Mrs May faces a huge task trying to persuade European Union negotiators to accept that the proposals are viable, while also keeping her Conservative party and Parliament on side.

In combination with no tariffs on goods, such an arrangement would apparently avoid any new border friction.

But there are some important caveats.

However, although May has lobbied hard for European leaders not to dismiss these and many other proposals, the reality is that these ideas will not fly with the EU.

And, in any case, the biggest impediments to free trade are not tariffs, but what are known as "non-tariff barriers" - the rules and regulations that govern all our economies.

Meanwhile, Brussels may well reject the plan outright because it is trying to cherry-pick special access to the single market with a special carve out on the free flow of goods.

The European parliament has a veto on the final deal, so its views on the matter are crucial.

Trade agreements require mechanisms to make the deal work.

Also on transport, in a section dealing with road hauliers, passenger operators and private motoring, the document says "the United Kingdom will ensure that there is no requirement in any scenario for new permits for transport services between Northern Ireland and Ireland".

Writing in the Financial Times, Mr Hammond said the long-awaited white paper would allow the City to "flourish" despite abandoning his original "mutual recognition" plan, which would have allowed financial services easier access to the European Union.

May went ahead with publishing the 98-page "white paper" despite the resignation of two pro-Brexit Cabinet ministers and a growing rebellion from within her own party.

It's not all a one-way street of course. Mr. Trump said he advised May how to manage Brexit, but she didn't listen.

"The sector has been clear since the referendum: Equivalence in its current form is not fit for goal so any "enhancements" to this regime would have to be substantial", McGuinness said.

But most current free trade deals barely mention services, partly because reaching agreement on common rules and regulations is so hard.

UK Finance chief executive, Stephen Jones, added: "The UK is now the second largest exporter of services worldwide".

The government has proposed expanding the EU's existing so-called "equivalence" regime, which now covers access for non-EU partners like Japan and the United States to the region's financial services markets.

"On the whole new technology has allowed services to trade more effectively on a global scale over the past 15 years", Professor Winters explains. "The UK therefore proposes exploring new models for regulatory cooperation between the UK and the European Union to tackle these shared challenges and advance shared objectives in the future".

The statement comes in the new white paper released as part of a bid to meet the deadline for an "orderly" Brexit next March.

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