London Faces £ 80 Bln Trade Disruption Due to Brexit

 Companies in London are facing disruption in global trade estimated at £ 80 billion due to Boris Johnson's failure to extend 15 trade deals to the European Union with other countries in a timely manner, The Independent British newspaper reported.

The UK's talks on the Brussels deal are getting the most attention. The government has only 50 days left for London to sign free trade agreements with countries such as Mexico, Singapore, and Canada. Such agreements will replace the agreements that will lose access to them after December 31, when the transition period ends and Brexit.

On Tuesday, Shadow International Trade Secretary Emily Thornberry wrote to Trade Secretary Liz Truss to indicate that unless these deals are concluded and published by November 11, there will not be enough parliamentary time under the law for MPs to ratify them.

Analysis by The Independent found that the lost deals - which also include agreements with Turkey, Egypt, and Algeria - could see tariffs and quotas imposed on £ 38bn in British exports and £ 41bn in imports, potentially causing chaos for some businesses.