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UK's Brexit timetable thrown into uncertainty by hung parliament

Industry News | | MIC Customs Solutions |

The UK general election has resulted in a hung parliament, a development that could have numerous implications for the country's planned EU exit.


The UK's plans to leave the European Union have been thrown into uncertainty after the general election called by prime minister Theresa May resulted in a hung parliament.

A number of EU officials have expressed concerns that the unexpected election results - in which Mrs May's Conservative Party failed to deliver the commanding majority that had been widely expected when she announced the surprise election in April - may make it more difficult to reach a mutually beneficial Brexit deal.

The prime minister made the decision to go to the polls three years ahead of schedule with the stated aim of providing her party with a stronger mandate to commence the Brexit negotiations. At the time, the Conservatives were enjoying a significant lead in opinion polls over the opposing Labour Party, but this gap has narrowed over the course of the subsequent campaign, culminating in the loss of the Conservative parliamentary majority in the June 8th vote.

Although it is expected that Mrs May will remain in power with the backing of Northern Ireland's Democratic Unionist Party, the uncertainty caused by the hung parliament - as well as the apparent loss of the prime minister's public mandate - has raised concerns that the Brexit timetable will be affected.

With Article 50 of the Lisbon Treaty having already been triggered, the UK is facing a two-year countdown until its exit from the EU is made official in March 2019. Donald Tusk, the European council president, said Britain faces the risk of leaving the EU with no trade deal in place if negotiations do not commence soon.

European commission president Jean-Claude Juncker echoed this view, saying the EU is ready to negotiate as soon as a new UK government is in place, while Guy Verhofstadt, the European parliament's Brexit representative, said the election outcome will "make already complex negotiations even more complicated".

He added: "I hope the UK will soon have a stable government to start negotiations. This is not only about the UK, but also about the future of Europe."

The election result has also raised the possibility that Mrs May could be compelled to back down over the possibility of a hard Brexit that would take Britain out of the single market and customs union, in favor of a more conciliatory approach.


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MIC - Customs and Trade Compliance Software Solutions worldwide

Multinational companies are facing greater compliance challenges when addressing the continuously evolving international legal requirements. Customs and trade compliance management has a significant impact on production location and purchasing decisions, delivery times, cost savings and competitive advantages. Thus, it is crucial to establish processes that are accurately, effectively, and efficiently managed utilizing proven global IT solutions.

The international requirements for companies regarding customs and trade compliance management are complex and subject to ongoing legal changes covering a multitude of topics, such as: Correct product classification, compliance with export control regulations, numerous sanction list screenings, calculation of origin based on ratified free trade agreements, supply chain security initiatives, and management of special customs regimes as part of the import and export clearance processes. In addition, country-specific legal requirements that include legislative and technical changes make it increasingly difficult to completely fulfill the requirements of international customs and trade compliance.

A partnership with MIC strengthens a company’s ability to deal with the daily operational challenges of international customs and trade compliance management. MIC has a trendsetting Global Trade Management (GTM) software solution that allows companies to standardize and automate their customs and trade compliance processes. MIC’s software solution is available on 6 continents and can be configured according to the company’s specific needs to significantly improve legal compliance, thus saving time, money, and eliminating future business disruptions.

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Customs Filing

Automated electronic export and import customs clearance processes, including special customs regimes and inventory management: Import, Export, Transit, Inward & Outward Processing Relief, Bonded Warehouse, Foreign Trade Zones, Intrastat, Central Clearance – SASP, EMCS and more. “We do the last mile!”

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Central Classification

Global part master data management with increased degree of automation in customs tariff & export control classification of products based on regularly updated national customs tariffs and export control commodity lists.

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FTA Management

Automated preferential and non-preferential origin calculation for 250+ free trade agreements as well as electronic exchange of customer supplier declarations. Management of supplier declarations via supplier web portal.

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Export Controls

Central export control check of business transactions, including sanctioning list check, embargo check, end-user / end-use check, determination of approval requirements and management of approvals.

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Global Implementations

There are various customs regulations and requirements programs throughout the world. Examples include ACE, FTZ and Duty Drawback in the USA, IMMEX in Mexico, the Union Customs Code (UCC) in the EU (and its various national characteristics), the Free Zone in Thailand, and the China Single Window. All of these have the objective of making customs procedures simpler, more modern and more efficient.

MIC Global Trade Management (GTM) software helps companies maintain international visibility and to take advantage of these program changes in legislation. We know the intricacies of national and regional customs and export control requirements. Our software takes account of the respective regulations and uses similarities in global customs and export control law. This is done in 55+ countries on 6 continents with regularly updated trade content for 150+ countries. In addition, our data analytics & visualization tool enables improved decision making by identifying optimization potentials and supply chain trends across global customs and trade compliance processes. As a result, global business processes can be designed and automated more efficiently. This not only increases compliance, but also saves time, money and increases global competitiveness.

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