Dashed hopes, so far at least, that Brexit would tilt Britain's economy towards growth driven by trade and investment are threatening another of Prime Minister Boris Johnson's flagship policies: "levelling up" the regions outside of London.

Britain is becoming a more closed economy due to Brexit, with damaging long-term implications for productivity and wages which will leave the average worker 470 pounds ($577) a year poorer by the end of the decade, a study forecast on Wednesday.

On Monday, the British government introduced legislation to rip up post-Brexit trading rules for Northern Ireland, in an attempt to override the EU withdrawal treaty that it had signed.

The CEO of Europe's biggest airline also dismissed threats of summer strike action by what he called "Mickey Mouse" unions in Belgium and Spain covering some Ryanair workers.

English-language students swerve UK post Brexit

Britain set out sweeping reforms of big company audits on Tuesday after high-profile collapses at builder Carillion and retailer BHS in recent years hit thousands of jobs and raised questions about accounting quality.

The UK said it would look at the proposals "seriously and constructively"

After the UK chose to leave the single market and customs union, it was unable to prevent reams of new red tape for British businesses trading with Europe.

British Prime Minister Boris Johnson appears eager to agree an acceptable alignment deal -- but does not want identical EU regulatory rules for political reasons.

The government, which has employed 1,000 new border officials, is phasing in the new customs checks, with full import control checks for all goods not to be implemented until July.

Britain is a financial and diplomatic big-hitter and a major NATO power with a permanent seat on the UN Security Council and in the G7 grouping of the world's richest economies.

Both the House of Commons and the House of Lords passed the European Union (Future Relationship) Bill on the same day.

The deal does not remove difficulties over "the flow of vital supplies into the UK", Mark Dayan of the Nuffield Trust, an independent healthcare think-tank, said in a statement.

EU member states gave their green light on Monday for the accord to take provisional effect before Thursday's deadline.

On December 24, Britain and the European Union agreed a post-Brexit deal that allayed the threat of disruption to business on January 1, when measures extending free trade are set to end.

Following the announcement of the political accord, von der Leyen's Commission will send the text to the remaining 27 European member states.

Failure to reach a deal would mean tariffs on cross-Channel trade in food and goods, exacerbating the economic shock of a return to a customs border after 47 years of integration.

Any trade deal reached by Barnier and Frost will have to be approved by the EU and UK parliaments, and special sessions may have to be held in the final days of this year.

After a slow start, Tokyo, Hong Kong and Shanghai were all well up, while Sydney put on more than one percent and Mumbai also enjoyed strong gains.

The pound was holding up as British and European Union negotiators pressed ahead with talks on a trade deal with just over two weeks until the December 31 deadline.

British Prime Minister Boris Johnson and EU chief Ursula von der Leyen had said after a crisis call that they would "go the extra mile" to find common ground.

In London, the government insists that Britain is ready to leave the union and handle its own affairs after 47 years of close economic integration.

Transport companies have also warned that EU member Ireland could see import volumes shrink in the event of new customs procedures for goods routed through Britain.

Failure to secure a deal in time for the end of the transition period on December 31 would see Britain revert to World Trade Organization rules, with tariffs and quotas, from January 1.

The EU fears Britain slashing its regulations, which could allow its companies to undercut European firms.

Johnson has insisted Britain will "prosper mightily" whatever the outcome of the talks, but he will face severe political and economic fallout if he cannot seal a deal.

Finance minister Rishi Sunak told Sky News that Britain was facing an "economic emergency" because of the pandemic.

London has been resisting signing up to the EU's vision of a post-Brexit "level playing field", with trade penalties if either side diverges from agreed standards.

It comes despite Britain's economy suffering a historic downturn this year due to the coronavirus crisis.

The PM intends to address the country during his confinement, Downing Street said.