The European Parliament has approved a draft trade and co-operation agreement between Britain and the EU
On April 27, 2021, the draft UK-EU trade and Cooperation Agreement was deliberated at the Plenary session of the European Parliament, and the vote was passed by 660 votes in favour, 5 against and 32 abstentions.
On April 28, the European Parliament announced its approval of the UK-EU Trade and Cooperation Agreement (UK-EU), which was reached between the EU and the UK in December 2020, providing a framework for action and a legal basis for the uK-EU trade relationship after The UK’s “Brexit”. After being approved by the European Parliament, the agreement still needs to be approved by the Council of the European Union. It is scheduled to take effect on May 1, 2021.
The European Union has agreed on a brexit adjustment reserve
On April 29, 2021, ministers from the 27 EU countries agreed on the Brexit adjustment reserve. The 5 billion euro fund is part of the EU’s seven-year budget framework for four years (from January 1, 2020 to December 31, 2023) and is designed to help businesses recoup losses and pay for losses and additional costs under the UK-EU trade deal. Eligible projects that member states can use include assistance to businesses and the fisheries sector, short-term work schemes and retraining schemes, border, customs, sanitary and phytosanitary checks, indirect taxation and reintegration of EU citizens who left the UK as a result of Brexit.
Britain plans to raise its 2035 target
UK Country Risk Profile. The UK has a long-term sovereign rating of Aa3 by Moody’s, AA by STANDARD & Poor’s and AA- by Fitch. The UK economy recorded a recession of 9.9% in 2020 and is expected to see a slow recovery in 2021 as the lockdown is gradually lifted and the vaccine programme continues.
On April 20th the British government unveiled its sixth Carbon budget, announcing new targets to cut carbon dioxide emissions by 78% below 1990 levels by 2035. And for the first time, the budget includes carbon emissions from international aviation and shipping. The target, an increase from the previous target of a 68% reduction in carbon emissions in 2030, is expected to be written into law in June 2021, when it will come into force.
The latest targets are based on recommendations set for 2020 by the UK government’s independent advisory body, the Committee on Climate Change. More electric cars, more offshore wind power, less meat and dairy consumption and new forest land must be planted, the CCC said. It follows a pledge to quadruple offshore wind capacity over the next decade and plans to ban the sale of petrol and diesel cars from 2030.
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The French economy rebounded slightly in the first quarter
The French economy picked up slightly in the first quarter of 2021, with GROSS domestic product growing 0.4 percent quarter-on-quarter, but still 4.4 percent below the level of the fourth quarter of 2019, according to preliminary data released by the National Institute of Statistics and Economic Research on April 30. Final domestic demand contributed 0.9 percentage points to French GDP growth in the first quarter, the data showed. Over the same period, foreign trade contributed minus 0.4 percentage points to France’s GDP growth. Among them, the import is generally stable, slightly decreased by 0.1%; Exports declined significantly, down 1.5% month-on-month. French Finance Minister Jean-claude Le Maire said the Economy is expected to grow by 5 percent in 2021, according to French media reports.
The German government raised its forecast for economic growth this year
The German Federal Ministry of Economy and Energy released its spring economic forecast on April 27, 2021, raising its forecast for German economic growth this year to 3.5% from 3%. German Federal Minister of Economy and Energy Peter Altmaier said at a press conference on The same day that despite the severity of the COVID-19 pandemic, economic expectations are encouraging, and 2021 will be the year when the turnaround finally takes place. He expects the German economy to return to pre-pandemic levels by 2022 at the latest. In addition, the German economy is expected to grow 3.6 percent next year, according to the spring economic forecast.
In its annual economic report released in January, the Federal Ministry of Economy and Energy lowered its 2021 economic growth forecast to 3 percent from 4.4 percent previously due to pandemic restrictions. Adjusted for prices, Germany’s GDP in 2020 will be 5.0% lower than the year before. It was the first decline after 10 consecutive years of growth.
The Polish government has approved the 2020-2030 ring road construction plan
April 13, 2021 Poland’s Infrastructure Ministry said the government has approved a plan to build 100 ring roads by 2020-2030, radio Poland reported. Some 829 km of roads are planned for construction, amounting to about 28 billion PLN. The Polish government has now drawn up preliminary proposals for 43 ring roads, with the first tenders to be announced by the end of the year. The deputy infrastructure minister said the plan will mainly target cities and towns with heavy transit traffic and threatened road safety, while taking social and economic factors into account. Poland’s current road construction plan for 2014-2023 includes 43 ring roads, 15 of which are in use.
Post time: 23-07-21