By: Mahnoor Awais
What it might mean for Britain
The United Kingdom is scheduled to leave the European Union at 11pm UK time on Friday 29 March 2019. As both parties have, for long, failed to agree on terms of their divorce, concerns have been rising that Britain may crash out of the bloc with a no-deal Brexit. In August, Britain’s Foreign Secretary, Jeremy Hunt, said that the chances of a “no deal” Brexit were “increasing by the day” whereas the governor of the Bank of England, Mark Carney, terms them “uncomfortably high.”
The United Kingdom is due to leave the EU on 29 March next year – with the British government insisting it is still confident of negotiating a deal on the divorce terms. But, with fundamental differences remaining between the two sides as talks enter the crucial phase, recent weeks have seen an increasing focus on the prospect of a “no-deal Brexit”. Since the European Union’s negotiator has already rejected central elements of Prime Minister Theresa May’s proposals for a new trade agreement, the chances of Britain entering a no-deal Brexit are looking increasingly likely. In addition, PM May believes Britain would negotiate a good agreement but that “no deal is better than a bad deal”.
Following are some details on what a no-deal Brexit might mean.
A no-deal Brexit?
A no-deal British departure from the European Union currently can mean a number of things. In the current climate, it would mean that during the negotiations under Article 50 of the Lisbon Treaty, no formal agreement had been reached between the UK and the EU.
The two-year period outlined by Article 50 comes to an end on 29 March 2019 and unless all 28 EU countries agree to extend that period, the withdrawal agreement will have to be done and dusted well before then. And no withdrawal agreement would also mean there would be no transition period. Instead, there would be an abrupt rupture in UK–EU relations. Moreover, failure to reach a deal at talks with the other EU nations could result in the overnight disappearance of rules underpinning Britain’s economic and regulatory structure, without any replacements.
The consequences of ‘no deal’ would affect almost every aspect of life, and it is impossible to say exactly how events would unfold. But here are a few examples:
Money: With no agreement in place, according to a House of Lords report, there would be no legal obligation for the UK to make any payment as part of a financial settlement.
Read More: BREXIT DEAL and European Security
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