Monday, November 7, 2016

Pressure on UK to Find Interim EU Deal Amid Brexit Complexities

There is growing pressure on the UK government to push for an interim deal with the EU, amid fears the British economy may fall off a "cliff edge" if London fails to conclude a trade deal with Brussels within two years of Article 50 being triggered.


Following last week's High Court ruling which stated that parliament must have a say on the triggering of Article 50, there are concerns that British Prime Minister Theresa May's Brexit timetable may be blown apart by the sheer complexity of leaving the EU.

May has said that she will begin the official divorce process by the end of March next year, meaning that there is huge pressure on UK authorities to finalize a trade deal by the spring of 2019.

If no deal between the two parties can be reached within two years of Article 50 being triggered, then EU-UK trade would be subjected to World Trade organization (WTO) rules.

It is largely accepted that such a situation would be disastrous for both the EU and Britain, with a recent report from the think tank Civitas finding that WTO rules would see British exporters pay US$6.3 billion worth of tariffs, while EU exporters would be hit with US$15.7 billion worth of extra taxes.
[sputniknews.com]
7/11/16
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