Following our previous communications on the same matter, we inform you that, on October 18, 2019, the United Kingdom and the European Union reached a possible Agreement on the withdrawal of the UK from the EU. The so-called "Brexit" is still scheduled on October 31, 2019.
Before "Brexit"
Before "Brexit" will be effective, there will be an 18-month-long transitional period - during which the UK will be still part of the Union. Furthermore, to withdraw from the EU, the UK shall pay a £33 billion fine to the European Union.
Possible delays
To be effective, this Deal must be voted and approved by:
- The European Council
- The European Parliament
- The British Parliament
Therefore, there are three possible scenarios:
1. If all three will vote for this deal, this will be the official Agreement on Brexit.
2. If the European Council or the European Parliament will vote against this deal, there will be the chance for a no-deal Brexit
3. If the British Parliament will vote against this deal, the British Prime Minister must ask for a delay on “Brexit”. Indeed, this is the effect of the law that the House of Commons passed last September.
Since this is the most likely scenario, the European Institutions have already announced that they will be favorable to delay Brexit for some months.
If you need any further information, don't hesitate to contact our teams at brexit@dbgroup.net.
We shall keep you posted about any further developments.
D.B. Group
