2018 was rather turbulent for The UK economy. The UK’s economy growth slowed down, and the Bank of England set the highest rates since the financial crisis. What can you expect from Norway-style Brexit? Will it allow the UK to shape rules on finance? Are you looking for a merchant services provider such as Cutpay Merchant Services? This article is about all this.
What Norway-Style Brexit Is
The suggestion concerning the prime minister’s search for a “plan B” on following Norway’s relationship with the EU is moving towards the desired results. Well, what’s this Norway model? It includes the following main European organisations: The European Free Trade Association (EFTA) and the European Economic Area (EEA). Norway, together with Lichtenstein and Iceland, is a member of the mentioned organisations.
Being in EFTA-EEA would make it realistic for the UK to access the single market without any exceptions. As a result, the number of impediments on the way towards the UK-EU trade and continued single market treatment for services would drop. By the way, these represent nearly 80% of the UK economy.
According to people who are for a Norway-style Brexit, this could be appealing to Brexiteer MPs since it’s associated with staying away from the Common Agricultural Policy and Common Fisheries Policy, as well as the European Court of Justice Jurisdiction. What’s more, in extreme situations, it’s allowed to apply the so-called “emergency brake” on free movement.
Last year, Norway’s prime minister asked why the UK was interested in building a relationship with the European Union that would be like the one they had with the bloc. Those who’re for a soft Brexit answered that such model, with close regulatory alignment with Brussels and single market membership, would bring less economic damage to the process of leaving the EU.
Norway Option for the UK: CutPay Merchant Services
Norway’s being a member of the European Economic Area and the European Free Trade Association accounts for few restrictions to buying and selling with the EU. Are you concerned about your business in the UK? Do you need a reliable payment expert who can help you grow without challenges?
Well, consider turning to reputable merchant-services comparison company that offers the most honest snapshot of companies, including Cutpay Merchant Services, at the time of writing. With a true specialist in the field, you can find the cheapest and the most secure payment processing solutions that can best fit your business needs.
This is how you can get the best review of contracts, rates, and fees, as well as stay away from hidden costs and dishonest sales tactics.
When it comes to EEA membership, you can often find it as the Norway option. This allows countries to fully access the internal market of the EU. Thus, they can buy and sell goods with EU states without worrying about customs fees, except food and drinks: it’s the EU that subsidises the latter products.
At a private meeting of MPs in parliament, Jeremy Bernard Corbyn, a British politician, has noted that there’re significant issues with the Norway option, which could turn Britain into a “rule taker” without influence at EU level.