Brexit and the UK Competition and Markets Authority (“CMA”)
On 21st November 2024, the CMA published its supportive response to the UK Government’s Green Paper ”Invest 2035 . The UK’s Modern Industrial Strategy”. The Green Paper reportedly set out a ten-year plan to drive economic growth by stimulating investment and activity and reducing regulatory barriers to innovation in eight sectors: advanced manufacturing, clean energy industries, creative industries, defence, digital and technologies, financial services, life sciences and professional and business services.
The CMA also published a speech by Sarah Cardell, Chief Executive of the CMA, delivered on 21st November 2024 at Chatham House, on how the CMA was rising to the challenge of driving growth, and in which Ms Cardell announced the launch in early 2025 of a review of the CMA’s approach to mergers remedies.
In the course of her speech , Ms Cardell made the following comments which have been widely reported: “ The goal for merger control is simple – and this has always been the case: every deal that is capable of being cleared either unconditionally or with effective remedies should be. Only a truly problematic merger, where the harm to businesses and consumers cannot be effectively addressed through remedies, should not proceed.” An article in The Times on 22nd November 2024 interpreted the CMA’s future focus on “truly problematic mergers” to mean that the CMA would allow more deals to go ahead in support of the UK Government’s pledge to drive growth.
Interesting times!
The Mughal Empire at the V & A
If you wish to transport yourself to another and more beautiful World, then the exhibition on “The Great Mughals: Art, Architecture and Opulence” at London’s Victoria and Albert Museum may be right for you.
The exhibition covers the golden age of Mughal art, architecture and design from about 1580 to 1650, spanning the reigns of three emperors, Akbar, his son Jahangir and his grandson, Shah Jahan. It was Shah Jahan who built the Taj Mahal mausoleum in loving memory of his late wife but this golden age goes far beyond and deeper than even this iconic building would imply and the exhibition captures that.
That the V& A was able to mount such a splendid exhibition – with so many artefacts from the time – is a tribute not only to the impressive qualities of the V&A itself and its curating team but also to London and indeed the UK as the location for this world- class event.
Brexit or not, it appears that London and the UK still retain their pulling power in the Arts . Long may that continue!
The exhibition is due to end on 5th May 2025.
Brexit and Portugal
A UK Government Department for Business and Trade (“DBT”) website, focusing on “ Exporting from the UK to Portugal: A market guide”, sets the scene for its subject-matter by saying: “Located on the western edge of the Iberian peninsula, Portugal is a good market for UK exporters. Anchored by the world’s oldest bilateral alliance trade links are strong, particularly within the tourism and expat communities.”
According to a UK- Portugal trade and investment factsheet published on 22nd November 2024, total trade in goods and services ( exports plus imports) between the two countries was £11.4 billion in the four quarters to the end of Q2 ( Quarter 2) 2024, an increase of 0.9% or £103 million in current prices from the four quarters to the end of Q2 2023, Of this £11.4 billion:
- Total UK exports to Portugal amounted to nearly £3.5 billion in the four quarters to the end of Q2 2024 ( an increase of 3.3% or £110 million in current prices, compared to the four quarters to the end of Q2 2023); and
- Total UK imports from Portugal amounted to nearly £8 billion in the four quarters to the end of Q2 2024 ( a decrease of 0.1% or £7 million in current prices, compared to the four quarters to the end of Q2 2023).
The DBT factsheet showed that Portugal was the UK’s 27th largest trading partner in the four quarters to the end of Q2 2024, accounting for 0.7% of total UK trade.
The factsheet also showed that , in 2022, the outward stock of foreign direct investment (FDI) from the UK in Portugal was £4.8 billion ,accounting for 0.3% of the total UK outward FDI stock and that, in the same year, the inward stock of FDI from Portugal in the UK was £ 542 million , 206.2% or £365 million higher than in 2021. ( In 2022 , it appears that Portugal accounted for less than 0.1% of the total UK inward FDI stock.)
The UK – Portuguese relationship, from two countries which even share the same time-zone, is characterised by long-standing friendship and respect and there is no reason why this should not continue to be reflected by further growth and development on the trade and investment front.
The Post- Brexit “ Reset”
On 14th December 2024, The Times reported that it had seen a 19 – page draft negotiating document from the EU setting out the EU’s demands in the context of a post-Brexit “reset”.
The demands reportedly included :-
On 18th December 2024, The Times published an article by columnists, Oliver Wright and Bruno Waterfield, entitled “What Starmer and Brussels want from the trade negotiations”. The article described the UK’s wish list under headings : “End checks on produce”; “ Defence Co-operation”; “Security”; “Illegal Migration”; and “Recognition of Qualifications”. The article also described the EU’s wish list under headings: “UK to follow EU regulations”; “fishing”; “youth mobility”; and “security and migration”.
We shall see what happens! |
The demands reportedly included :-
On 18th December 2024, The Times published an article by columnists, Oliver Wright and Bruno Waterfield, entitled “What Starmer and Brussels want from the trade negotiations”. The article described the UK’s wish list under headings : “End checks on produce”; “ Defence Co-operation”; “Security”; “Illegal Migration”; and “Recognition of Qualifications”. The article also described the EU’s wish list under headings: “UK to follow EU regulations”; “fishing”; “youth mobility”; and “security and migration”.
We shall see what happens! |
