British terminals are set to escape the planned ‘Ports Services Regulation’ as a result of leaving the EU, which means British ports could gain a competitive advantage in a tough market, according to Reuters.
Mark Whitworth, CEO of Peel Ports, said: “I am reassured that if there is one benefit (from Brexit); the EU directive that was coming our way will fall away. At the moment, we have a level playing field and no interference from government.”
James Cooper, CEO of leading British operator Associated British Ports (ABP), said: “Brexit does offer us the opportunity to say goodbye to a whole range of inappropriate and costly regulations.”
PTI previously reported that Brexit could have an impact on ports, since 40% of trade coming into Britain is from the EU, with concerns that a volatile currency may also impact trade flows between Britain and the EU.
Also, with the UK already having lost its AAA credit rating, and UK banks being downgraded by Moody's over fears about Brexit exposure, the economy is said to be far from out of the woods and pressure is building on the new government.
This backs previous analysis that suggests that banks such as the Royal Bank of Scotland have come up against new challenges in the post-Brexit era, particularly in the way of the sale of the Greek ship finance business.