The bill, which translates thousands of pieces of EU law into British statute, faced a rocky journey through Parliament. Pro-EU lawmakers and members of the House of Lords tried to amend it to soften the terms of Britain’s departure from the bloc. Most of the changes were overturned by narrow Commons votes. But pro-EU lawmakers say they will try to defeat the government on other EU-related legislation if it tries to push for a “hard Brexit” that severs close economic ties between Britain and the bloc.

Britain’s leading car manufacturing trade association says investment in UK auto manufacturing has fallen by half in the last year due to worries over the impact of Britain leaving the EU. The Society of Motor Manufacturers and Traders says only US$460 million is being invested in new models and facilities during the first half of 2018 compared to US$853mn used that way during the same period the year before.

This law now assuages doubts that Britain may not leave the EU. “Lest anyone is in any doubt, the chances of Britain not leaving the EU are now zero,” international trade minister Liam Fox said. Conservative MP Jacob Rees-Mogg, a staunch Brexit supporter, said, “The legal position is now so much stronger for a clean Brexit. Crucially this makes the prime minister’s negotiating hand much stronger.”

Another euro-skeptic, Conservative MP Dominic Raab, said May would go into an EU summit later this week “with the wind in her sails”.

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The bank has advised the UK to regulate its Emerging 7 (E7) trade policy. The Emerging 7 includes China, India, Pakistan, Nigeria, Bangladesh, Vietnam and Indonesia. Annual exports to the Emerging 7 values £24bn. However, the bank stated the amount should be £34bn a year.

According to the Standard Chartered Bank’s report, of all the G7 countries that include industrialized democracies like Canada, France, Germany, Italy, Japan, the UK and the US, Germany is the only country that meets export potential to the E7. However, Germany’s exports are mostly targeted at the Chinese market. Similarly, the US is the major export hub of the UK.

Michael Vrontamitis, head of trade for Europe and America at Standard Chartered Bank said: “With the UK settling into a slower pace of growth and Brexit on the horizon, UK businesses need to look more widely for growth.

“It is clear that the E7 countries represent multi-billion-dollar trading opportunities for the UK and British businesses searching for export diversification and growth.”

Liam Fox, the international trade secretary frequently emphasised that the focus should be on the Brexit opportunities to shift the focus of trade policy on the rapidly growing economies.

He said: “As an international economic department, we are supporting businesses meet this demand, target overseas markets and succeed on the global stage, so we create more jobs and prosperity in every part of the country.”

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