15 On 11 March 2020, the Office for Budget Responsibility estimated that the comparison would result in a net cost to the British taxpayer of 32.9 billion pounds, although spread over more than forty years. We expect the Finance Ministry to publish its own forecasts on the cost of the Brexit financial regulation as part of its annual statement on EU finances for 2020, which expires in the coming weeks. (c) Section 7B of this Act (as direct applicability or direct effect to the EEA-EFTA agreement and the Swiss Civil Rights Agreement) and (a) is created or created from time to time (in case of appeal or proceeding) by or under the EEA-EFTA Separation Agreement or the Swiss Civil Rights Agreement or the Swiss Civil Rights Agreement , or, and CBP 8370; United Kingdom Adoption of external EU agreements after Brexit, updated on 5 March (d) Section 7C of this Act (interpretation of the law with regard to the withdrawal agreement (except the implementation period), the EEA EFTA Separation Agreement and the Swiss Agreements on Citizens` Rights). The 2019 revisions also adapted elements of the political declaration and replaced the word „appropriate” with „appropriate” with respect to labour standards. According to Sam Lowe, a trade fellow at the Centre for European Reform, the amendment excludes labour standards from dispute resolution mechanisms.  In addition, the Equal Competition Mechanism has been postponed from the legally binding withdrawal agreement to the political declaration, and the line of the political statement that „the United Kingdom will consider taking into account alignment with trade union rules in the relevant areas” has been removed.  As the seconds before the UK`s exit from the EU pass tonight at 11pm, the first part of the Brexit saga comes to an end after three and a half years of political turmoil. However, given that the UK and the EU have agreed on a transitional period until the end of 2020, the legal landscape will remain virtually unchanged until then. From tomorrow, attention will be focused on negotiations on the future trade agreement, which will apply from the end of the transition period between the UK and the EU, provided, of course, that it is possible for both sides to agree on conditions.
Otherwise, the UK will face a trade cliff at the end of the year and future trade with the EU will not be in line with WTO (World Trade Organisation) conditions. So what is the amount of the possibility of concluding a free trade agreement with the EU (without tariffs and no quotas for goods)? The EU will publish its negotiating mandate around next week, but it is a sure bet that its two „red lines” will be: (1) a commitment by the UK to maintain its current level of regulation of employment standards, environmental standards and taxation as a „non-regression obligation” and to follow all future EU rules on competition and state aid („dynamic harmonisation”); and (2) an agreement on authorising EU fishing in UK territorial waters. The reason why the EU insists so much on the „Level Playing Ton” commitment described in (1) is that it fears that a deregulated United Kingdom („Singapore-on-Thames”) will have huge negative consequences for its economies just on its doorstep.