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Brexit, What Happens Next?

31 March,2020 Posted by Admin 4 Comment

This is the question on everybody’s lips, and not surprisingly either. Since the withdrawal agreement was ratified by the UK Parliament there has been very little news about the actual Brexit process and what will happen after we withdraw.

Instead it has been replaced with speculation and cynicism which has left many feeling uncertain about trade between the UK and EU in the coming year.

To try and answer this question you will find a simple timetable below that highlights the key stages in the coming process.

31st January 2020 23:00GMT

The UK Officially leaves the EU and the Transition Period Commences.

1st February 2020 ~ 31st March 2020

Trade talks commence between the UK and EU.

The exact date is not known yet and will be determined by the European Parliament.

June 2020

Extension Deadline: This is the very latest the UK can request an extension. If requested the extension could last up to, but not past, 31st December 2022.

It is worth noting that currently Boris Johnson, UK Prime Minister, is adamant that an extension will not be sort.

26th November 2020*

Deadline set by the EU for a trade deal to have been agreed so it can be presented to the European Parliament and ratified by the end of the year.

31st December 2020 23:00GMT*

This is the deadline under the current transition period, with 2 possible outcomes;

(a) The UK and EU commence trading under the agreed trade deal.

(b) The UK commences to trade using World Trade Organization Terms and Tariffs.

 

So, for the time being it is Business as Usual with nothing changing.

No import duties added to goods, No extra customs checks and No additional paperwork.

 

We are now in the hands of the politicians from the UK and remaining EU countries, so watch this space.

 

* These dates will change if an extension is sort


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