Published: Wed, February 21, 2018
Worldwide | By Gretchen Simon

Brexit doesn't mean a 'Mad Max-style free-for-all'

Brexit doesn't mean a 'Mad Max-style free-for-all'

He said that instead of loosening rules in order to gain a competitive advantage over the European Union after Britain's scheduled departure in March 2019, it will engage in a "race to the top".

In a keynote speech to business leaders in Vienna, of which a copy was obtained by Xinhua, Davis said Britain will not be plunged into a "Mad Max" style world borrowed from dystopian fiction. It will also likely agree that Britain will remain in the customs union and single market, but that the United Kingdom will expect to be able to negotiate, although not sign or implement, new trade deals at the same time. Britain wants to retain close economic ties with the European Union after it leaves the trading bloc in March next year, while also being free to strike new trade deals around the world.

Livelihoods depend on the Government getting this right, and rather than simply talking about life after Brexit the time has come for our political leaders to explain how they are going to deliver a fearless new world in which Britain is able to flourish. In the past, ministers have suggested Britain may have to change its economic model to remain competitive and cut taxes and regulation to attract global investment.

In a speech in Vienna, he vowed to ensure trade with the European Union remained as "frictionless as possible" after the split.

Davis argued that maintaining similar regulations and recognizing one another's standards would allow trade to continue without friction after Britain leaves the EU.

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British PM Theresa May still wants a Brexit transition phase of around two years; her position remains unchanged, according to a Government source.

He said: "It's the Boris Johnson school of having the cake and eating it, which we already know is unrealistic".

"The UK believes the Period's duration should be determined simply by how long it will take to prepare and implement the new processes and new systems that will underpin the future partnership", negotiators said in an explanatory note leaked ahead of its planned publication.

He will add that the deal requires "close, even-handed cooperation between these authorities and a common set of principles to guide them".

Davis's speech on standards sets out some of the key issues to be discussed by cabinet ministers at May's Chequers away day on Thursday.

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