Closing post
Time to wrap up, after a day in which Joules joined the companies at risk of collapse, Brexit was blamed for the UK’s second bout of austerity, and Paris claimed the title of Europe’s largest stock market.
Here’s today’s main stories, first on the autumn statement and the impact of Brexit:
Problems in the UK economy:
The cost of living crisis:
The crisis in the cryptocurrency world:
And in other news…
UK delays end of the European Union’s “CE” marking by two years
Another Brexit development – firms are being given an extra two years to shift from European product safety marking to a new British scheme.
Business Secretary Grant Shapps has announced that companies have until the end of 2024 to move to UK Conformity Assessed (UKCA) marking for products sold in the UK.
UKCA has been introduced following Brexit, to show that products comply with UK product safety regulations. It is meant to supplant the CE marking, which shows products comply with Europeon Union standards.
The UK had planned to end recognition of the CE mark at the end of this year. But following warnings that some companies would stop selling to the UK, the deadline has been pushed back to the end of 2024.
Businesses can thus use either marking until then.
We know it’s a difficult time for business. That is why we are giving firms more time to adopt the new UKCA product marking system – so they can focus on growing, creating jobs and driving economic success.https://t.co/NCxGklUVXP
— Rt Hon Grant Shapps MP (@grantshapps) November 14, 2022
The Business Department explains that…
…given the difficult economic conditions created by post-pandemic shifts in demand and supply, alongside Putin’s war in Ukraine and the associated high energy prices, the government does not want to burden business with the requirement to meet the original (31 December 2022) deadline.
The government will continue to recognise the CE marking for 2 years, therefore allowing businesses until 31 December 2024 to prepare for the UKCA marking. Businesses can also use the UKCA marking, giving them flexibility to choose which marking to apply.
The irony.
— Chris Shaw (@The_ChrisShaw) November 14, 2022
The UK government acknowledging that it is causing Brexit red tape for UK businesses.
So, rather than scrapping its own stupid duplicate system, it merely gives stressed and directionless UK firms a bit more time to comply.
Talk about shooting ourselves in the foot.
Business Sec Shapps delays for a further 2 years dropping recognition of the European Union’s “CE” marking - plan to make post Brexit UKCA mark obligatory from next month was causing some small businesses in particular much concern… some CE marking processes valid till 2027 too: https://t.co/45pZesE9bq
— Faisal Islam (@faisalislam) November 14, 2022
