Category Archives: Brexit

A view shows stacked shipping containers at the port of Felixstowe, Britain, October 13, 2021. REUTERS/Hannah McKay/File Photo

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LONDON, Dec 23 (Reuters) - British companies found it increasingly difficult over the course of this year to trade with the European Union under the terms of the Brexit trade deal struck with the bloc, a survey showed on Thursday.

The British Chambers of Commerce said 45% of companies surveyed in October found it very or relatively difficult to trade goods with the EU, up from 30% in January when the Trade and Cooperation Agreement (TCA) came into effect.

For British exporting companies, the figure was 60%.

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"These data certainly do illustrate that the issues with the TCA are not 'teething problems' but more structural defects that, whilst fixable, if not attended to will lead to long term damage to our import and export sectors," said Shevaun Haviland, Director General of the British Chambers of Commerce.

The proportion of businesses reporting difficulty in trading services with the EU also increased, to 23% from 14%.

The survey findings chime with official data that show Britain's exporters have struggled by international standards since the world's No.5 economy left the EU's economic system.

In October, Britain was the only country out of the Group of Seven whose goods exports had not recovered to their average level of 2018.

Supporters of Brexit say Britain will, in the long run, be better able to tap into faster-growing markets than when it was in the EU. Many economists are sceptical that this will make up for lost trade with the bloc.

The survey of around 1,000 businesses - with a heavy weighting of manufacturers at 41% of respondents - was conducted between Oct. 7 and Oct. 31.

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Reporting by Andy Bruce; editing by James Davey

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Brexit trade trouble increasingly hits UK firms: BCC - Reuters

If the newly revised-down figures for Britains economic performance in the third quarter show anything, it is that consumers played the starring role in the recovery while the industrial sector struggled under the twin pressures of Brexit and global raw material shortages.

This should not come as a surprise. Ever since 2016s narrow vote to quit the EU, businesses, and especially manufacturers, have failed to move out of second gear.

Disruptions to supply chains come and go remember the chaos caused by Donald Trumps trade battles with China while Brexit is ever-present. Trade figures show a 8.8% fall in goods exports from July to the end of September, at a time when global trade was booming as coronavirus restrictions had eased.

France, which has a similarly sized economy to the UKs, was also experiencing supply chain issues holding back manufacturing. But the lack of computer chips and vital components for cars only prevented French firms from enjoying an even stronger surge in production and exports.

British manufacturing, meanwhile, was, in addition, suffering from a decline in the workforce after thousands of people from abroad left or were deterred from coming by draconian visa rules and the UKs handling of Covid-19. The staff shortages were made worse by what has become known as the great resignation, with almost one in four workers planning a job change.

For manufacturers, the problem is less about families calling time on long commutes and more about the high levels of long Covid that have hit their older, skilled workers. Then there is the trend for early retirement, much of it related to health issues.

France, meanwhile, has enjoyed a mass return to work that has pushed the participation rate above pre-pandemic levels.

The official figures also point to another troubling UK trend that strips away the gloss provided by low unemployment and high levels of vacancies. The Office for National Statistics said revised data for business investment showed the money spent upgrading plant, machinery and IT fell by 2.5% in the third quarter revised down from an increase of 0.4% when the ONS made its first stab at a figure.

It means investment across businesses large and small remains a hefty 11.7% below that in the fourth quarter of 2019, despite the chancellor, Rishi Sunak, handing firms tax relief on investment worth 130% of profits to spur an revival.

Low business investment is an indicator of poor economic health and probably the most telling indicator of UK firms reluctance to bet on a brighter future.

There was better news from figures for consumer spending growth, which was 2.7% higher compared with its previous estimate of 2%, making it the largest contributor to headline GDP growth in the quarter by some margin. Much of the extra spending was on restaurants and leisure activities, as previously hibernating households ventured outside during the summer and autumn.

Revised figures showed consumer spending was also more resilient during the previous lockdowns, going back to March 2020, indicating the cliff-edge drop in activity in the spring last year was less than first estimated and the momentum of spending going into 2021 was stronger.

The ONS said the output loss during the initial phase in the pandemic was smaller than thought and GDP was just 1.5% below its pre-pandemic peak in 2019, rather than the 2.1% previously reported.

That said, the reliance on consumer spending meant the momentum was weaker than first estimated and the third-quarter growth figure was just 1.1%, down from 1.3%.

With manufacturers slipping from second gear into reverse during the autumn output dropped back 0.7% in the third quarter and construction output following the same negative trajectory down 1% in the same period consumer spending will need to soar in the new year to make up the difference.

Omicron has probably put paid to that.

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How twin pressures of Brexit and raw material shortage damaged GDP - The Guardian

Britain has agreed a new fisheries deal with the European Union over how to divide up shared stocks in the year ahead, prompting dismay among environmentalists.

Under the Brexit trade deal, London and Brussels are required to annually agree on catch quotas and fishing rights in the North Sea and Atlantic Ocean a separate affair from the row over fishing licences which has sparked threats of a trade war and prompted French trawlers to blockade the Channel.

In contrast to the tone typically ascribed to the spat with France and thorny negotiations over the Northern Ireland Protocol European minister Joze Podgorsek hailed the agreement as being thanks to good will and a constructive approach on both sides, setting a good precedent for future negotiations with the UK.

Environment secretary George Eustice also welcomed the balanced agreement, which the government said will provide around 140,000 tonnes of fishing opportunities for UK fleets, estimated to be worth around 313m, based on historic landing prices.

One fishing industry expert told The Independent that the deal largely follows the same pattern as the first annual deal, which was only struck in June, reportedly after months of difficult talks mired in disputes over how to both meet environmental aims and ensure maximum access for fishermen.

Nevertheless, the signs are that the underlying tensions arising from the UKs departure from the EU have been in evidence throughout this set of negotiations, said Barrie Deas, chief executive of the National Federation of Fishermen's Organisations (NFFO).

While Mr Deas said the negotiations themselves had been utterly opaque, causing palpable frustration among industry representatives, he claimed that the European Commission appears to have had a torrid time with some of its member states.

But despite the avoidance of a political stand-off across the Channel, environmentalists greeted the deal with alarm.

Lamenting that Wednesdays agreement should have been the beginning of a new post-Brexit era of truly sustainable, science-based fisheries management, ClientEarth expert Jenni Grossmann said that instead of giving vulnerable fish stocks a decisive nudge towards recovery, ministers had chosen to keep them on the brink.

Stocks, such as cod in the Celtic Sea and west of Scotland, will continue to hover on the brink of commercial extinction, she said.

Just like in pre-Brexit times, they have continued to prioritise short-term commercial interests over long-term sustainability for both fish and fishers perpetuating the dire state of these depleted stocks, Ms Grossmann said.

The sun rises behind the stones as people gather for the winter solstice at Stonehenge.

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People take part in a winter solstice swim at Portobello Beach in Edinburgh to mark the solstice and to witness the dawn after the longest night of the year

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An auction employee displays poultry to buyers and sellers attending the Christmas Poultry Sale at York Auction Centre in Murton

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Joao Moutinho of Wolverhampton Wanderers looks on during the Premier League match between Wolverhampton Wanderers and Chelsea at Molineux

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Freight lorries queuing at the port of Dover in Kent

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Newly elected Liberal Democrat MP Helen Morgan, bursts 'Boris' bubble' held by colleague Tim Farron, as she celebrates following her victory in the North Shropshire by-election

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Brussels sprouts are harvested by workers as they prepare for the busy Christmas period near Boston in Lincolnshire

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Lewis Hamilton is made a Knight Bachelor by the Prince of Wales at Windsor Castle

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The Royal Liver Buildings surrounded by early morning fog in Liverpool

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People queue outside a walk-in Covid-19 vaccination centre at St Thomas's Hospital in Westminster

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People take part in the Big Leeds Santa Dash in Roundhay Park, Leeds

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People arrive at a Covid-19 vaccination centre at Elland Road in Leeds,

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Stella Moris speaks to the media after the US Government won its High Court bid to overturn a judges decision not to extradite WikiLeaks founder Julian Assange

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Camels are lead around Salisbury Cathedral during a rehearsal for the Christmas Eve Service

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Margaret Keenan and Nurse May Parsons, a year after Margaret was the first person in the UK to receive the Pfizer vaccine

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Snowfall in Leadhills, South Lanarkshire as Storm Barra hits the UK with disruptive winds, heavy rain and snow

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A person tries to avoid sea spray on New Brighton promenade in Wallasey as the UK readies for the arrival of Storm Barra

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People release balloons during a tribute to six-year-old Arthur Labinjo-Hughes outside Emma Tustin's former address in Solihull, West Midlands, where he was murdered by his stepmother

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People walk through a Christmas market in Trafalgar Square

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Meerkats at London Zoo with an advent calendar

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Workers put the finishing touches to the Trafalgar Square Christmas Tree ahead of the lighting ceremony later in the week

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Home Secretary Priti Patel is greeted by a police dog at a special memorial service for Met Police Sergeant Matiu Ratana

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Riyad Mahrez of Manchester City battles for possession with Aaron Cresswell of West Ham United during a match at the Etihad during snow

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Residents clear branches from a fallen tree in Birkenhead, north west England as Storm Arwen triggered a rare red weather warning

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The coffin of Sir David Amess is carried past politicians, including former Prime Ministers Sir John Major, David Cameron and Theresa May, Speaker of the House of Commons Sir Lindsay Hoyle, Home Secretary Priti Patel and Prime Minister Boris Johnson during the requiem mass for the MP at Westminster Cathedral, central London

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The scene in Dragon Rise, Norton Fitzwarren, Somerset where police have launched a murder probe after two people were found dead

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London-based midwife Sarah Muggleton, 27, takes part in a 'March with Midwives' in central London to highlight the crisis in maternity services

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Police officers monitor as climate change activists sit down and block traffic during a protest action in solidarity with activists from the Insulate Britain group who received prison terms for blocking roads, on Lambeth Bridge in central London

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A giant installation of Prime Minister Boris Johnson made from recycled clothing goes on display at Manchester Central, as part of Manchester Art Fair, in a 'wake-up call for the Prime Minister to tackle textile waste'

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The scene at a recycling centre in Stert, near Devizes in Wiltshire after a large blaze was brought under control. The fire broke out on Wednesday night the fire service has said and local residents were advised to keep windows and doors shut due to large amounts of smoke

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The sun rises over South Shields Lighthouse, on the North East coast of England

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ancer Maithili Vijayakumar at the launch of 2021 Diwali celebrations at St Andrew Square in Edinburgh

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Forensic officers work outside Liverpool Women's Hospital, following a car blast, in Liverpool

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Wreaths by the Cenotaph after the Remembrance Sunday service in Whitehall, London

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Richard Ratcliffe, the husband of detainee Nazanin Zaghari-Ratcliffe, is ending his hunger strike in central London after almost three weeks. Ratcliffe has spent 21 days camped outside the Foreign, Commonwealth and Development Office in London without food. He began his demonstration on 24 October after his wife lost her latest appeal in Iran, saying his family was caught in a dispute between two states

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Peter Green protesting outside the Cop26 gates during the official final day of the Cop26 summit in Glasgow.

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Seagulls fly around the statue entitled 'Tommy', a first World War soldier by artist Ray Lonsdale at dawn in Seaham, Britain

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Climate activists dressed as characters inspired by the Netflix series Squid Game protest as they ask Samsung to go 100% renewable energy, outside the venue for COP26 in Glasgow

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London and Brussels reach balanced post-Brexit fisheries agreement on 2022 stocks - The Independent

The European Commission has set out how it plans to stop Brexit from disrupting the supply of drugs in certain markets, most notably Northern Ireland. The plan builds on the proposal the Commission made in October as part of the multiple rounds of negotiations with the United Kingdom.Under parts of the Brexit agreement designed to avoid a hard border on Ireland, Northern Ireland, which is part of the UK, is subject to European Union regulations. The situation has already created issues, such as when a drug became available in England, Scotland and Wales before Northern Ireland, and the end of transitional arrangements threatens to cause shortages by erecting regulatory barriers in the Irish Sea.The proposals put forward by the Commission are intended to limit the barriers to the trade in medicines between England, Scotland and Wales, known collectively as Great Britain, and Northern Ireland. Under the proposals, generic medicines authorized under national UK procedures will be available in Northern Ireland. Companies in Great Britain can supply medicines to Northern Ireland without manufacturing authorization or import licenses and without repeating batch testing done in Great Britain or the EU.Similarly, the Commission is planning to waive the need for manufacturers to create separate packaging of products sold in Northern Ireland. Rather, a single pack and leaflet can be used when supplying all UK markets. All regulatory functions can remain in the UK if they are currently located there.The proposals also cover the availability of innovative life-saving medicines, a topic that became an early flashpoint in discussions of the impact of Brexit in May when early-stage lung cancer patients in Great Britain gained access to AstraZenecas Tagrisso before their counterparts in Northern Ireland.The Commission wants to stop that drug access disparity from happening again by adopting a bridging solution that will allow any new medicine authorized in the UK to be supplied to Northern Ireland, until the relevant authorization is also given in the EU. The proposed solution is in addition to existing compassionate and emergency use mechanisms.Through the changes, which still need to be adopted by the European Parliament and the Council, the EU will give the UK sole responsibility for authorizing medicines in Northern Ireland. The EU is giving the UK that responsibility on the assumption it will comply substantively with EU law on quality, safety and efficacy of human medicines. The current transitional arrangements will remain in place until the end of 2022 to give legislators time to finalize and adopt the proposals.Other parts of the proposals cover the supply of medicines in Malta, Cyprus and Ireland, countries that are not part of the UK but before Brexit were reliant on the country for imports of pharmaceuticals. To prevent supply disruption, the EU included the three countries in the transitional arrangements that have applied in Northern Ireland this year.Going forward, the countries will benefit from certain derogations for a three-year period. Over that period, UK companies will be able to import medicines into the countries without holding manufacturing authorizations or repeating batch testing. In the longer term, the Commission wants to find a permanent solution as part of the EU's Pharmaceutical Strategy.Press Release, MoreEMA lists regulatory science topics that need research to improve drug developmentThe European Medicines Agency (EMA) has published a list of regulatory science topics that need further research to improve medicine development and evaluation to enable access to innovative medicines for patients.Across the 39-page document, EMA lists research topics and their associated objectives and expected impact. For example, one topic covers best practices and standards for validation of surrogate endpoints and biomarkers. EMAs objectives in that area include gaining an understanding of how standards differ among regulators and payers. In doing so, EMA aims to widen stakeholder acceptance of biomarkers and thereby facilitate drug development.The document features tens of research topics, with a subsection on catalyzing the integration of science and technology in medicines development alone featuring 12 areas in which more research is needed. The document features four other subsections on human medicines and a further four subsections on veterinary medicines.EMA Notice, MoreMHRA posts guidance on the use of real-world data in clinical studies to accelerate R&DThe UK Medicines and Healthcare products Regulatory Agency (MHRA) has released guidance on the use of real-world data (RWD) in clinical studies to support regulatory decisions. MHRA sees the guidance as a way to help get medicines to patients sooner.In the guidance, MHRA provides some introductory advice, explaining the need to demonstrate that the data source is good enough for the intended use, before focusing its discussion on data quality. MHRA is asking sponsors to understand the accuracy, validity, variability, reliability and provenance of RWD data and to be able to describe its limitations.To support the evaluations, MHRA has provided a list of questions for sponsors to ask, such as will the database be used as the source population for recruitment and what data quality checks are undertaken by the data controller. The guidance also describes four general principles and MHRAs approach to good clinical practice inspections and their application to RWD.Press Release, MHRA GuidanceEMA seeks feedback on the consultation procedure for companion diagnosticsEMA is seeking feedback on draft companion diagnostic guidance. The guidance covers the procedural aspects for the consultation to EMA by a notified body on companion diagnostics under the incoming regulations.Notified bodies need to seek scientific opinions on the suitability of a companion diagnostic for use with their associated medicinal products from EMA or a national regulatory agency before issuing an EU technical documentation assessment certificate. The guidance sets out the legal basis for the requirement and makes practical recommendations.Under the guidance, notified bodies are expected to provide an intention to submit letter at least 3 months before the planned date of submission. The letter should include information such as the date of expected submission, the name of the concerned device and the device manufacturer. Other parts of the draft cover data requirements, consultation with EMA, the post-consultation phase and fees.EMA is accepting feedback until 20 February.Draft GuidanceEMA starts consultation on the acceptability of names for human medicinal productsEMA is holding a consultation on the acceptability of names for human medicinal products processed through the centralized procedure. The draft updates a 2014 guideline in light of experience gathered by the Name Review Group since its creation.The guideline covers the criteria applied when reviewing the acceptability of proposed names, including general requirements regarding the potential for names to cause confusion and specific rules related to vaccines, radiopharmaceuticals and orphan medicinal products.The centerpiece of the text is an overview of the EMA procedure for checking proposed names. The procedure starts with the submission of the name request by the applicant and runs through a series of review steps, before concluding with a discussion of the withdrawal, expiry and re-use of names. EMA is also using the guideline to provide a checklist for assessment of objections because of name similarities.EMA is accepting feedback until 16 March.Draft GuidelineEMA adopts principles for using data standardsThe EMA Management Board on 15 December adopted a set of principles for using data standards in four areas: medicinal products, healthcare and study data, safety and risk management, and submissions.The document states that until now regulatory procedures have been mainly document submission based leading to the assessment of information contained in documents rather than assessing the underlying data that were used to create those documents. The regulatory processes are shifting to assessing data rather than documents and looking at the potential secondary uses of the data collected to drive better regulatory decisions and improve public and animal health.The strategy notes that the European Medicines Regulatory Network started requiring certain submissions be compliant with recognized data standards over a decade ago and adds that data standards provide a set of rules or conformance criteria that set out how information (data) should be structured, defined, formatted, or exchanged.Standardisation is a critical element for realising the full potential of (big) data and driving regulatory decisions, the document states.The strategy document lays out eight principles intended to guide data standardization efforts and the adoption of data standards across the European Medicines Regulatory Network.The eight principles include calls to ensure the use of high-quality data standards developed by accredited standard development organizations (SDOs) in accordance with voluntary and consensus-based processes, and to ensure that such data standards support data sharing and exchange, as well as ensure protection of the data.Standards for medicinal products would cover product information, substance information and manufacturing and quality. The guidance said that developing a standardized template for all inspections data, including good manufacturing practices (GMP), would make the identification of previous inspections and reports less time consuming. Moreover, providing the unique identifiers of manufacturing facilities will enable the creation of interactions between product quality and inspections of manufacturing sites (risk-based tracking).EMA data standardisation strategy

2021Regulatory Affairs Professionals Society.

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Euro Roundup: Commission acts to stop Brexit from disrupting supply of medicines - Regulatory Focus

Horizon Europe is the 80billion pool of funding that European scientists and institutions have access to. Britain had planned to join as part of the EU-UK Trade and Cooperation Agreement (TCA), contributing 15billion over seven years so the science community could access those funds and help form long-term fellowships and international industrial collaborations for UK universities and researchers.

But the UK has had its formal association delayed until it resolves the Northern Ireland protocol and Brexit disputes, even though it was part of the TCA and non-EU countries are still being allowed to join.

Despite science leaders and key industry voices sounding the alarm at the serious harm the delay is causing British science, Science Minister George Freeman says the UK has a trick up its sleeve.

In an opinion piece for Research Professional News, Mr Freeman wrote: If the EU stands in our way, we are ready with a seamless transition to something just as good, or better.

Mr Freeman said that instead of partnering with the EU, we could look to different partnerships to help strengthen Britains science sector.

He said: In the longer term, we would establish an ambitious offer that delivers many of the advantages of Horizon association along with additional benefits of wider global participation.

Partnerships with the European research community will remain at the core of our international research offer, but we are also looking to strengthen other relationships, including in the Indo-Pacific and North America.

This comes as Liz Truss, who became chief Brexit negotiator after Lord David Frosts resignation, was urged to strike a deal with the EU to salvage Britains involvement in Horizon Europe.

Sir Jeremy Farrar, director of the Wellcome Trust, told BBC News: "Losing the agreement on UK participation in the world's biggest international science funding programme at this stage, when it has already been negotiated and is ready to sign, would be snatching defeat from the jaws of victory.

Sir Jeremy does not seem convinced that a Plan B would be enough to match horizon Europe.

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He said: "While it's natural for the Government to plan for the worst-case scenario, we have to realise that any UK-only scheme would greatly disadvantage our scientists compared to the international opportunities that Horizon Europe opens up, with both the EU and many other countries that take part in it, such as Israel or Norway."

But Mr Freeman does recognise that the UK needs to be a part of Horizon Europe and is furious with the EU for delaying Britains participation.

He wrote: Horizon Europethe European Unions key funding programme for research and innovation, worth 95.5 billion over seven yearshas been such a valuable initiative for strengthening UK research.

We are very disappointed by the persistent delays from the EU in formalising associate membership.

This issue has been my top priority since becoming science minister eight weeks ago, and we know many in the EU recognise and support the UKs participation.

Mr Freeman is now scrambling to bring confidence back to the science community, who are becoming increasingly frustrated by the delays.

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Michelle Mitchell, chief executive of Cancer Research UK, told BBC News that Britains exclusion would deal a significant blow" to the fight against cancerShe said: "It will also put at serious risk the UK's position of being at the forefront in the global effort in improving the prevention, treatment and diagnosis of cancer.

"The Government must strike a deal urgently for continued membership of Horizon Europe or the UK will weaken its position to collaborate and use science to address the global challenges we face."But while collaboration with Europe could be off the cards, Mr Freeman has reassured that the funding could still be on the table.

He said: In light of the delays, it is important to make our commitment to Horizon clear. We also need to reassure the research community that the UK government will support in-flight bids that would normally be eligible for EU funding.

But he warned that the funding is only a short-term measure designed to give innovators and businesses the stability and reassurance they need to continue applying to Horizon funding calls.

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Brexit fury as Britain ready to deny EU 15billion with better plan - Daily Express

The European Travel and Information and Authorisation Scheme (ETIAS) enables citizens from 61 countries outside of the EU to visit the Schengen area with travel pre-authorisation. The European Commission has confirmed the UK will be part of ETIAS from late 2022 because it is no longer a member of the bloc - meaning travellers will have to pay a 7 (6) visa fee for access to all 26 Schengen EU countries. This will be a one-off payment for three years and will have to be paid again once this period expires.

UK travellers will also have to fill out an application form, requiring them to provide biometric passport information and travel details, as well as answers to some security questions.

They are being advised to make this application at least 72 hours before they travel to avoid any unwanted delays.

Those aged under 18 or over 70 will not have to make an application.

But the EU has come under fierce attack from leading Brexiteer and Ben Habib who branded the rules, which came into force before the UK left the EU, "petty in the extreme".

The former Brexit Party MEP warned the 7 fee "will only serve to damage Europeans" as the continent "needs British tourism".

He also took a massive swipe at Ursula von der Leyen, accusing the European Commission President of playing out "political vindictiveness".

Mr Habib told Express.co.uk: "This is vintage EU. Petty in the extreme.

"In this case the 7 charge will only serve to damage Europeans.

READ MORE:Fishing fury as new UK-EU Brexit fishing deal breaches key pledge

"European should be welcome to spend their money here."

Britain formally left the EU on January 1, 2021, after an eleventh-hour post-Brexit trade deal was signed between the two sides following months of wrangling.

But the UK's departure from the bloc now means Britons are being hit with EU rules that already applied to dozens of nations located outside of the bloc.

This includes travel into the Schengen Areas, which is a zone comprising 26 European countries that have officially abolished all passports and all other types of border control at their mutual borders.

The area mostly functions as a single jurisdiction for international travel purposes, with a common visa policy.

The Schengen Area comprises 22 EU member states and from the five that are not part of it, four of them (Bulgaria, Croatia, Cyprus, and Romania) are legally obliged to join the area in the future.

Ireland maintains an opt-out and therefore operates its own visa policy.

Iceland, Liechtenstein, Norway, and Switzerland - the four European Free Trade Association (EFTA) member states - are non-EU members but have signed agreements in association with the Schengen Agreement.

In addition, three European micro-states Monaco, San Marino, and the Vatican City - are considered de facto members of the Schengen Area because of the huge difficulty in travelling to or from them without transiting through at least one Schengen member country.

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'Petty in the extreme' VDL accused of 'political vindictiveness' as EU rules to hit Brits - Daily Express

GBP/USD adheres to consolidation of the recent gains, like other major currency pairs, during the quiet Asian session on Friday. The cable pair refreshed the monthly top to 1.3437 the previous day before recently taking rounds to 1.3410.

Fresh challenges to the GBP/USD prices could have come from the Brexit front, as well as firmer yields by the end of Thursdays North American session. Holiday mood and light volume add to the trading filters.

Among the key Brexit negatives was news from France, conveyed by Reuters, Litigation against Britain on the issue of post-Brexit fishing licenses will be kicked-off in early January, French Europe Minister Clement Beaune told France 2 television on Thursday.

On the same line were the results of the British Chambers of Commerce(BCC) survey for October. The results mention that 45% of businesses found it very or relatively difficult to trade goods with the EU, up from 30% in January when the Trade and Cooperation Agreement (TCA) came into effect, per Reuters.

Elsewhere, multiple studies showing fewer odd of hospitalization due to Omicron, including those from the UK, joining the US Food and Drug Administrations (FDA) approval to Merck's Covid-19 pill on Thursday to underpin the markets risk-on mood.

However, French cancellation of orders for Mercks pill, citing notable lesser effect than promoted, joins steady rise in Omicron cases to challenge the optimism. That said, Sky News mentions, The Office for National Statistics said around 1.4 million people in the UK were probably infected with COVID-19 in the week ending 16 December, which is the highest figure since comparable records began in autumn 2020.

Talking about the data, US Durable Goods Orders and PCE Price Index for November came in firmer but couldnt reverse the previous run-up of equities and riskier assets despite favoring the US Treasury yields before the close.

While a light calendar and a reassessment of the risk catalysts seem to trigger the GBP/USD pullback, the holiday mood may restrict the quotes short-term moves.

A clear upside break of the monthly ascending trend line, near 1.3375, helps GBP/USD buyers to aim for the 50-DMA resistance surrounding 1.3450.

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GBP/USD stays defensive around 1.3400 as Brexit, Omicron test bulls at monthly top - FXStreet

Wednesday 22 December 2021 9:59 am

The UKs relative short exposure compared to the rest of Europe has steadily declined by a third to the end of November, its lowest level in over five years.

Meanwhile, France and Italy are gaining ground, according to new data shared with City A.M. this morning.

The change marks a dramatic shift in the short exposure of European countries since January 2021, nearly a year on fromBrexit, the UKs departure from the EU.

In January, the UK accounted for 38.2 per cent of European countries short exposure, according to the data from portfolio intelligence firmSEI Novus.

In February this increased to 44.7 per cent but has declined consistently month on month to just 25.5 per cent in November this year.

Countries like France and Italy have seen an increase in their relative short exposure, with Italys increasing from 4.4 per cent to 6.7 per cent, and France increasing from 10.1 per cent to 12.8 per cent.

Discussing the new figures with City A.M. this morning, Basim El-Shoura of SEI Novus said: While the UK still retains the greatest European short exposure, the shift is dramatic and marks a departure from relatively consistent levels across Europe since the end of 2016.

In contrast, other major European countries have seen increases in their short exposure, such as Italy, which saw an increase by half on the start of the year, and France which saw an increase of a quarter over the same period, he added.

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Brexit shift: UK short exposure in Europe declines by a third this year to lowest in five years while France and Italy take over - City A.M.

Brexit uncertainty adds another dimension of disruption to a health service already struggling with the unknown legacy of a global pandemic

Two years ago, Boris Johnson won the keys to 10 Downing Street on a promise to get Brexit done, bringing stability and certainty. But a year after the second of two bitterly fought treaties negotiated with the EU entered into force, Brexit remains a source of uncertainty, doubt, and dizzying changes in direction.

The Nuffield Trusts new report today, funded by the Health Foundation, looks back on the health implications of the first few months of disconnection from European markets and institutions.1 In almost every area we find that the effects are only just beginning to unfold, with stability often slowed by a lack of clear decisions.

The most obvious case is in Northern Ireland. Both the UK government and the European Commission agree that the country effectively remaining within the EU single market, as agreed by Johnsons government in 2019, poses problems for medicines supplypossibly threatening almost a thousand product lines.2 Northern Ireland is traditionally supplied through Great Britain, but the regulatory divide will make this costly and difficult when full controls enter into forcein just two weeks time.

Each side has tendered its own proposals. The UK has requested that Northern Irelands alignment with the EU in medicines should cease to exist altogether.3 The EU published draft legislation last Friday for a wide range of special provisions, allowing quality control and approvals in the UK to work for Northern Ireland as long as they follow EU law.4 Both proposals have weaknesses. The UKs suggestion creates a divide at the border with the Republic of Ireland and is difficult to reconcile with the basic aims of the Protocol. While the EU provisions solve many specific problems, they would not restore free movement, and manufacturers have told us that the divide in regulatory systems between Northern Ireland and the rest of the UK is a problem for supply in itself.

Endless brinksmanship, including repeated threats by the UK to suspend the treaty, has consumed almost the entire year, leaving suppliers in the dark.

This carries costs for health in the rest of the UK. Associate membership of Horizon Europe, the flagship EU science funding programme, was one of the major advantages of the trade and cooperation agreement signed last year. This offered British universities and NHS trusts the ability to take part in flagship life sciences projects across the continent. But accession has been delayed since February as a negotiating tool.

A coalition of universities and trade associations across Europe has warned that this lingering uncertainty risks endangering current and future plans for collaboration.5 Our report shows that changing expectations after the 2016 referendum already saw the UKs funding share for health-related projects fall from 20% to 12%. With bids going in now, the price is likely already being paid.

The ramifications could be worse if the UK followed through on threats to suspend the Northern Ireland Protocol. The EU has implied it would consider suspending some or all of the trade and cooperation agreement, plunging us back into a no deal scenario with no mutual recognition of safely made medicines, no more EHIC cards and even more border checks.6

Bringing medical supplies into the UK, or investing in their production, has already become less appealing. The government and pharmaceutical industry were quite successful in stopping immediate shortages from breaking out a year ago, but this came at the price of delaying changes and decisions.7 An investor or importer of medicines cannot know what the UK regulatory system will be in 2023, or whether the current rubber-stamping of EU approvals will continue.

From 1 January 2022, the UK will finally introduce full customs checks for imports.8 These were previously delayed for fear of worsening shortages. The border challenges associated with existing trade controls probably contributed to the recent disastrous shortage of blood tubes. January 2023 will be another danger point.

On the EU side the full battery of paperwork, checks and requirements has been applied from the start. This has contributed to exports of medicines to the single market stabilising at about one third below the 1 billion a month common before the referendum.

Partly in response to such trends, the UKs negotiators are circling the globe in a search for trade agreements. The trade department has repeatedly pledged that the NHS and the prices it pays for medicines are off the table. But we heard at our roundtable and in interviews that whether or not these catchphrases actually rule out the main provisions that might cause problems for the health service is hard to say.9 Our analysis of meetings carried out by trade ministers supports a common view that engagement with the health sector has been minimal and mainly restricted to the pharmaceutical industry.

NHS procurement and migration rules might appear to be areas with clearer policy decisions. Many in the NHS welcomed the commitment to remove current rules on putting contracts out to the market for tender, and make it easier to simply roll them over.10 But we heard a wide range of views from officials and lawyers about what this would mean, with some feeling it might drive more cases to judicial review, some feeling it risked cartels, and considerable doubt over whether the amount of tenders would really decline or not.

The strict new visas now required for workers from the EEA, who previously enjoyed freedom of movement, are clear enough. But the effect they will have on staffing, especially in social care, is not. The pandemic has ruined data collection, and unusual trends in recruitment with the shutdown of other parts of the economy make it difficult to interpret staffing trends.11

However, recent data from social care shows an unprecedented drop of over 42000 in just six months.12 There is a risk that cutting off the migration that kept the sector slowly growing will combine with mandatory vaccinations and a recovering hospitality sector to create a genuinely catastrophic situation. The NHS leaders we spoke to, aware of trends in their local areas, almost universally put workforce at the top of their list of worries.

Far from being done, the impact of Brexit on health is only beginning to filter through. The ongoing lack of decisions, data and details in key areas magnifies uncertainty. It will add another dimension of disruption to a health service already struggling with the unknown legacy of a global pandemic on staff and patients.

Competing interests: none declared

Provenance and peer review: not commissioned, not peer reviewed

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The impact of Brexit on health is only just beginning - The BMJ

Penny Mordaunt clashes with Thornberry on trade with Asia

The two countries have also agreed to explore further combat air technologies. Work on the joint engine demonstrator will begin in a matter of months, with the UK initially investing 30 million in planning, digital designs and innovative manufacturing developments. An additional 200million of funding from Britain will go towards developing a "full-scale demonstrator power system" and supporting hundreds of "highly skilled jobs" - including several at Rolls-Royces Filton facility in Bristol.

During the next four years, Britain will invest more than 2billion into its "major national and international endeavour to design a world-leading Future Combat Air System".

Alongside this, through its F-X programme, Japan will aim to develop a future fighter aircraft to a similar timescale to replace the F-2 aircraft, which has been in operation since 1995.

The Ministry of Defence also said the UK and Japan have agreed a "Memorandum of Cooperation" to enable both nations to "pursue joint technologies".

Both will explore the feasibility of further sub-systems collaboration throughout next year.

In Britain, this work will be headed up by the Team Tempest industry partners: BAE Systems, Leonardo UK, MBDA UK and Rolls-Royce.

The Ministry of Defence added opportunities with Japan on future combat air systems had been explored for "some time" and talks accelerated following a meeting between UK Defence Secretary Ben Wallace and Japans Defence Minister Nobuo Kishi in Tokyo in the Summer.

Mr Wallace said: "Strengthening our partnerships in the Indo-Pacific is a strategic priority and this commitment with Japan, one of our closest security partners in Asia, is a clear example of that.

"Designing a brand-new combat air system with a fighter aircraft at its heart is a highly ambitious project so working with like-minded nations is vital.

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"Building on the technological and industrial strengths of our two countries, we will be exploring a wide-ranging partnership across next-generation combat air technologies."

UK Defence Procurement Minister Jeremy Quin said: "As I have seen at first hand our partners in Japan have made enormous progress on technologies that can complement our own advanced skills and could help ensure both our Armed Forces remain at the forefront of military innovation.

"We look forward to the continued partnership with a formidable power and close ally."

UK Director Future Combat Air, Richard Berthon, added: "This initiative with Japan is a win-win opportunity to develop world-beating power technologies together.

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"Investing and working together with Japan to demonstrate highly advanced engine systems will boost our national industries and design a cutting-edge military capability.

"Were looking forward to getting started on this work and continuing our discussions on further collaboration."

The huge agreement significantly tightens ties with Japan following plans announced in the UKs Defence Command Paper from March 2021 to deepen and expand defence industrial relationships in the Indo-Pacific region.

This also comes after HMS Queen Elizabeth and her Carrier Strike Group sailed to Japan on her first operational deployment, as well as the announcement in October around the UK and Japan beginning formal negotiations to increase bilateral defence Cooperation.

The agreement between the UK and Japan comes with China going firmly on the front foot with statements targeting a group of Western countries who questioned the results of recent Hong Kong elections because of new rules implemented by Beijing.

Zhao Lijian, a spokesperson for Chinas Foreign Ministry, was asked on Tuesday for comments regarding statements released by a group of Western foreign ministers from the Five Eyes countries (US, UK, Canada, Australia, New Zealand), the G7 and the EU.

Last Sundays legislature vote in Hong Kong saw just 30.2 percent of its registered 4.2 million voters showed up to the poll.

China had made significant changes yo the election process, including Hong Kong voters only being able to select 20 spots for the first time - less than half of the positions previously available to be voted in by the public - while another was Beijing being allowed to vet candidates.

In the end, 90 percent of the seats available went to pro-Chinese government candidates and in a statement, the Five Eyes alliance claimed the new policies eliminated any meaningful political opposition.

But on Tuesday Zhao Lijian told state-owned China Radio International: China expresses its firm rejection and strong condemnation to certain Western countries collusion, irresponsible remarks on the seventh-term LegCo election and democracy and the rule of law in HKSAR [Hong Kong Special Administrative Region], and the gross interference in Chinas internal affairs.

Certain Western countries should face up to the fact that Hong Kong has returned to the motherland for 24 years.

They should abide by international law and basic norms governing international relations, stop all forms of meddling in Hong Kongs affairs and interference in other internal affairs of China.

Any attempt to undermine Hong Kongs prosperity and stability is doomed to fail.

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Brexit Britain clinches 200 million defence deal with Japan in warning to China - Express