UK cabinet minister Michael Gove. Reuters
UK cabinet minister Michael Gove. Reuters

UK accepts EU request for more time to scrutinise Brexit deal



The UK agreed to let the EU delay ratification of their post-Brexit trade deal by a month, bringing more uncertainty to the fragile start to their new relationship.

In a letter to the European Commission on Tuesday, Cabinet Office Minister Michael Gove said that he expected the EU “should be able to satisfy its internal requirements” by the end of April.

Mr Gove said the UK “would therefore not be asked to further extend the period of provisional application".

The agreement on trade, security and fisheries was signed on December 24, only days before Britain left the EU’s single market and Customs union.

The commission applied the deal provisionally to give the European Parliament, which has the power to veto the entire accord, until the end of February to scrutinise it.

While the parliamentary vote would normally be regarded as a formality, the EU’s growing concerns over what the UK might do to deal with problems surrounding trade with Northern Ireland mean members could threaten to withhold their approval.

“We are now 10 weeks into the reality of our new relationship with the UK,” Maros Sefcovic, the EU commissioner in charge of overseeing the Brexit deal's introduction, said in Brussels.

“We have already seen some of the changes brought about by this and I think it is clear to everyone now that our partnership with the UK does not replicate or resemble its former membership of the EU.”

Trade arrangements for Northern Ireland were one of the most contentious parts of the UK’s negotiations and have caused new disputes since the Brexit process was finalised at the end of 2020.

With goods travelling into Northern Ireland from the rest of the UK facing delays at the border, Britain is seeking to delay the implementation of full Customs checks on medicine, parcels and food supplies to supermarkets until 2023.

The EU has already indicated that it would refuse this request.

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Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

Know your Camel lingo

The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home

Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless

Asayel camels - sleek, short-haired hound-like racers

Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s

Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival