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Brexit Deal Has the Backing of E.U. Leaders. What Happens Now? 

The 27 other members of the European Union agreed on Britain’s Prime Minister Theresa May’s deal for her country to separate from the European Union. This brings Britain one step closer to officially Brexit from the E.U.  However there are several obstacles left for Britain to Brexit. May will have to take the deal to the parliament and receive support from lawmakers who both support and disapprove of Brexit. Next, Lawmakers will need to actually vote on the newly formed deal that May pasted with the other members of the E.U.  If support and a majority vote happen, then Britain will be on schedule to transition out of the EU beginning March 29 and be fulling out by December 2020.

However, if the British Parliament rejected the deal then there could be significant consequences. If Parliament votes no then a 21-day deadline would kick in which May would then have only three weeks to come up with a solution on how her government would proceed in the transition. Another option would be for May to go back to the members of the E.U. and try to renegotiate a deal that would go over better with parliament. 

Other unlikely but still possible scenarios could play out if the British Parliament does not agree with the new deal such as Mrs. May resigning, a second referendum taking place. In order for a  second referendum to take place, Parliament would have to vote it in and would be costly and take months to logistically set up to execute properly. One of the most feared outcomes of the Parliament not agreeing to the deal is a “No deal” Brexit. This means a clean break from the European Union which would most certainly send shockwaves throughout both the isolated Britain economy and throughout the European Union. Supply chains, transportation systems, Northern Ireland board and other issues who send confusion to millions of Britons.  It will be interesting to see what plays out with the British Parliament response in weeks to come. 

 

Article Source: https://www.nytimes.com/2018/11/25/world/europe/uk-brexit-eu.html

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Comments

  • thanks for this effective summary of where we stand with Brexit. It seems that many provisions are maintained until Dec 2020, and that a customs union will prevent any trade deals until at least 2021. See interesting recap (as per the Economist, Nov 17)

     

     

     

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