What's happening? The U.K. and the European Union are in deep discussions over vaccine supplies, with the EU tightening its control over jabs amid rising political pressure. Intense and ongoing talks, British officials engaged with the EU, still watching for a resolution... sound familiar? It could be the Brexit trade negotiations all over again, but now it's vaccines that are the major source of contention between the London and Brussels. With Britain's vaccination roll-out far outstripping efforts on the continent, the EU is taking steps to reduce exports from the bloc, of which the U.K. has been a significant beneficiary. There was an easing of diplomatic tensions earlier this week, when Britain and the EU issued a joint statement saying they are working on "specific steps" to create a "win-win" situation around vaccine supply. Yet details were light, and the U.K. is still waiting to hear how many doses it will get from a new AstraZeneca factory coming on stream in the Netherlands in the coming weeks. The latest summit of EU leaders may offer solutions. While the two sides are trying to smooth over their differences over the vaccine, the drugmaker AstraZeneca has become a lightning rod for the commission's frustration. Italian police searched a warehouse holding millions of doses of the vaccine that the drugmaker says is still in the manufacturing process. But there are signs that Britain and the EU are edging closer to reaching a co-operation agreement on financial regulation, a step that could help give firms in the City of London more access to the bloc's single market. The EU could give the U.K. so-called partial regulatory equivalence for some financial products, a person familiar with the negotiations told Bloomberg. Meanwhile, the fallout continues from new trade barriers created by Brexit: fresh data published by the Food and Drink Federation this week showed a dramatic collapse in exports of products such as salmon and beef to the EU in January, a decline they largely attributed to Brexit. Separately, one of Britain's most influential business lobby groups said Brexit is causing major harm to many U.K. firms due to permanently higher trade costs. — Joe Mayes We aim to keep you up to date on how the U.K. navigates the world after Brexit. Got tips or feedback? Email us at brexit@bloomberg.net Chart of the WeekThe networking website LinkedIn said its database shows more of its members left the U.K. for the EU than arrived over the past year after the coronavirus and Brexit sent shock waves through the labor market. The exodus from Britain accelerated through the early months of 2021, even as net migration from countries outside the EU remained positive. The findings indicate a broad reshaping of the U.K. workforce that could have implications for the potential of an economic recovery. Don't MissWant to keep up?You can follow us @Brexit on Twitter, and listen to Bloomberg Westminster every weekday. Share Beyond Brexit: Colleagues, friends and family can sign up here. For full EU coverage, try the Brussels Edition. Get More From BloombergYou can find all of our newsletters here, but here are some we think you'd particularly enjoy: Track trade and the global economy in Supply Lines Follow global politics news and analysis in Balance of Power Get daily insights on climate in the Green Daily Bloomberg is also tracking the progress of coronavirus vaccines and mapping the pandemic. Sign up here for our Coronavirus Daily newsletter and here for our podcast. Subscribe to Bloomberg.com for unlimited access to trusted, data-driven journalism and expert analysis. |
Post a Comment