In the first month of the year 2020, the United Kingdom made headlines for its decision to part ways with the European Atomic Energy Community and most especially the European Union. While there are many facts backing up this decision, there are also conspiracy theories erupting from various quarters.
With Isolation comes Challenges
With over a year after the UK decided to part ways with these international communities, it is faced with the challenge of formulating business structured policies that will oversee its commercial industry at large.
However, many key figures in Boris Johnson’s administration are seeing the good side to the decision. For instance, the administration’s Secretary of State for business – Kwasi Kwartteng, did explain that regional governments and local authorities needed to have more control over the state of things.
He expressed displeasure over how regulations binding on business operations by the European Union faulted in this regard. He went further to infer how the new Brexit laws overseeing business operations could make things a lot better.
The administration’s business secretary explained that the “new, more flexible system will empower public authorities and devolved administrations, and ensure fair competition for businesses across the UK”
New Business Laws must Regard Brexit-EU Agreement
While parting ways with the EU, the key players tried to be very diplomatic in the process. In light of that, agreements were reached on how certain matters binding on the United Kingdom and the EU will be addressed.
On that note, the new laws are expected to be built on a system that regulates subsidies. Furthermore, the legal system should be able to easily review decisions made in this regard.
To facilitate the process, the EU and UK made plans to establish a system that will prevent assistance given to businesses from harming the commercial industry.
For instance, the United Kingdom can offer subsidies of 340,000 pounds. Any more than this can be considered as harming the commercial industry.