No alignment with EU on regulation: UK Chancellor

UK Chancellor Sajid Javid on Saturday warned manufacturers that "there will not be alignment" with the European Union (EU) after the country exits the bloc on January 31, and insisted that firms must "adjust" to new regulations.

"There will not be alignment, we will not be a rule taker, we will not be in the single market and we will not be in the customs union - and we will do this by the end of the year," Javid said.

"There will be an impact on business one way or the other, some will benefit, some won't," the BBC reported citing Javid as saying to the Financial Times newspaper.

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. Admittedly, they didn't know the exact terms."

The government has not yet agreed a future trading relationship with the EU, but it plans to do so in the 11-month transition period which begins after the UK leaves the bloc this month.

During the transition period, the UK will continue to follow EU rules and contribute to its budget.

The Chancellor also said he that wanted to double the UK's annual economic growth to between 2.7 and 2.8 per cent.

Javid said the extra growth would come from spending on skills and infrastructure in the Midlands and the north of England.IANS