Chancellor Sajid Javid told the business community last week that “there will not be alignment” with the EU on business regulations after Brexit and insists firms must “adjust” to new regulations.
Speaking to the Financial Times, he admitted not all businesses would benefit from Brexit.
The automotive, food and drink and pharmaceutical industries all warned the government last year that moving away from key EU rules would be damaging.
Asked how differing regulations between the UK and EU may impact industries such as automotive and pharmaceuticals, he said: “We’re also talking about companies that have known since 2016 that we are leaving the EU”.
Indeed they have. A lot of people in Chiswick work for GSK, the world leader in developing vaccines combatting diseases ranging from cervical cancer, to shingles and meningitis. It is also working on new TB treatment – a godsend for the developing world.
GSK estimates £70m + for Brexit costs
GSK has been implementing their contingency planning since January 2018.
‘Our priority is to maintain continuity of GSK’s supply of medicines, vaccines and health products to our patients and consumers in the UK and the EU’.
They’re looking at re-testing and certification of medicines; transferring Marketing Authorisations registered in the UK to an EU entity; updating packaging and packaging leaflets; amending manufacturing and importation licences, and securing additional warehousing,
They’ve budgeted £70 million over the next two to three years, ‘with subsequent ongoing additional costs of approximately £50 million per year, including additional customs duties and transaction or administration costs’ just to maintain the status quo.
That’s £70 + that could have gone into the new treatment for TB they’re working on.