Theresa May is reportedly expected to impose tariffs on EU goods
A trade bill – part of the Government’s desire to take back control – is said to coincide with the start of Brexit talks with the sprawling European superstate this summer.
The Prime Minister’s expected announcement will only reinforce her veiled threat that she would walk away from talks, after previously claiming “no deal is better than a bad deal” for Britain.
Under Brussels legislation, the EU negotiates trade deal and collects tariffs on behalf of the UK and all other 27 EU states.
However under the new proposals, Britain will have its negotiating power transferred back into the hands of the Government.
Dr Liam Fox, International Trade Secretary, has told MPs the trade bill will be part of the Queen’s Speech in May.
The bill will be passed within the next year so it will be in place for when Britain is pulled out the EU, according to the Sun.
The UK will therefore be in a position to strike new trade deals by the time it is formally pulled out of the crumbling Brussels bloc – currently scheduled for March 29 2019.
There are a number of decisions that need to be taken, but all options are still being considered
A Government insider said it will “come as no surprise” a trade bill will be part of the Government “Brexit Queen’s Speech”.
A Whitehall source added: “There are a number of decisions that need to be taken, but all options are still being considered.”
Britain has a trade deal lined up with the US – but it cannot formally be signed off until the UK is out of the EU due to Brussels regulations.
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Liam Fox is lining up trade deals for when Britain leaves the EU
Mr Trump’s pick for US trade representative Robert Lighthizer said the two nations will wait until after Britain escapes the clutches of eurocrats before a formal agreement is struck.
Countries across the globe are queuing up to strike a trade deal with Britain following the UK’s exit from the EU.
The bill is expected to be passed within the next year Top 10 trade partner prospects for the UK moving forward Thu, February 16, 2017
These are the top 10 trade partner prospects for the UK moving forward
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Britain has promised developing nations trade relations will stay the same or improve after Brexit in a bid to quell economic fears.
Express.co.uk has contacted Downing Street about these claims.