BREXIT DEAL: Did Boris Johnson cave in the Brexit Deal?

UK Prime Minister Mr. Boris Johnson has finally managed to strike a deal with the EU which he considers to be the biggest trade deal UK has ever made. Mr. Johnson claims that the UK has finally taken back control of its laws and its sovereignty, but is that really true? Although the UK will no longer have to abide by the laws of the European Court of Justice it seems like there will still be some sort of overreaching UK-EU governance committee which will ensure that both parties implement and enforce the treaty. So, the UK, as a sovereign nation, which does not follow anyone’s rules, will still have to abide by a third party’s standards, which (I hope I am wrong) will be quite similar to the EU standards.

According to Mr. Johnson the greatest part of this deal is that we will continue the free trade with the EU with no quotas or tariffs. I agree that this is great news for the UK (over a “No Deal” equivalent) however it is worth mentioning that the EU benefits more from free trade in goods since they have a large trade surplus. Nevertheless, a great win for the UK too indeed! :D

Fishing rights was also one of the most discussed parts of the deal. Under this new deal, UK will take 25% of the current EU catch in British Waters over the next five years. This is also great news for the British fishermen as not only will they take a quarter of EU catch in British water, but they will also be able to sell their catch in the European single market free from quotas or tariffs. However, UK’s initial negotiations called for an 80% increase, so it seems like Mr. Johnson delivered less than a third of what he promised. In fact, some may say that Mr. Johnson sacrificed Britain’s fishing industry in return for a Brexit deal. According to this deal, after 5 years the UK will take full control of its own waters so in theory it would have the right to deny the EU access to UK waters however the EU could then retaliate and impose tariffs on fish exports from the UK. All in all, this is a small win for the UK in the short term, but undoubtedly a ticking bomb that could lead to massive trade disputes in the long term. Mr. Johnson admitted that the Brexit deal is limited for the financial services which means that the UK will not have the EU Financial Passport from 1st of January 2021 onwards. What we know so far is that with the new restrictions looming, more than 7500 jobs have already moved to new hubs in the EU to avoid disruption to EU-based clients. Will City of London still be the Financial Capital of the World? What no one seems to be talking about is Scotland. The Scottish people voted against Brexit and unfortunately this deal will remove Scotland from the European Single Market against its will. Could this deal lead to another independence vote in Scotland? So, did 4 years of negotiations lead to a successful agreement in the end? Well, Ursula von de Leyen pretty much summed it up when she said “At the end of successful negotiations I normally feel joy. But today I only feel quiet satisfaction and, frankly speaking, relief.” And I think she spoke for all of us when she said that!