After the certain Brexit route on the horizon, many concerns and questions are still left unanswered due to the uncertainty of the future. It was announced that the UK trade gap had widened in May as exports slipped back from a rise in April amid uncertainty ahead of June’s EU referendum, with the data not boding well for the post-Brexit vote outlook.
The Office for National Statistics said the UK’s deficit on trade in goods and services hit £2.3billion in May, up from £2.0billion in April. It added that the UK’s trade deficit on goods alone expanded to £9.9billion, up from £9.4billion in April, as the UK recorded a sharper fall in exports than imports. Given this agenda, we talked to Mr Munir Tatar, who is a full member of the Institute of Chartered Accountants in England & Wales as well as the Fellow of the ‘The Chartered Association of Certified Accountants’.
“There isn’t a certain economic recession waiting for us”
Referring to the ongoing debates on a possible economic recession in the UK after Brexit, Mr Tatar mentioned that the current decrease in pound doesn’t entirely signify a “recession future”. Mr Tatar said that the current economic fluctuations are only normal as this is a “post-referendum” phase. Mr Tatar said that after the exit the economy actually shall peak if this process is processed delicately for both parties (UK and EU). Mr Tatar said that this “divorce” shouldn’t be an acrimonious type as both EU and the UK can actually benefit through the exit decision.
“The European Community Association Agreement (ECAA) with Turkish shall come to an end”
Tackling one of the most asked questions, the ECAA’s future, Mr Tatar acknowledged the fact that the visa agreement shall come to an end after the Brexit is fulfilled. However, Mr Tatar also said that the current valid applicants in the process of retaining an Indefinite Leave to Remain will still be eligible to get on with their process. However it is natural the agreement to be repealed.
