- 03Feb2017
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What’s Next for Brexit?
With BREXIT set in stone after the latest divorce talks led by Theresa May in the last few weeks, these are some of the plans laid out by the British Prime Minister whereby Britain will quit the EU single market when it leaves the European Union as it sets a course for a clean break with the world’s largest trading bloc for what has been dubbed a “hard Brexit”.
May promised to seek the greatest possible access to European markets but said Britain would aim to establish its own free trade deals with countries far beyond Europe, and impose limits on immigration from the continent.
“I want to be clear: what I am proposing cannot mean membership of the single market,” said May, who became prime minister in the turmoil after Britain voted in June to leave the EU. “Instead, we seek the greatest possible access to it through a new comprehensive, bold and ambitious free trade agreement.”
Other facts include an announcement that parliament would be given a vote on the final terms of Britain’s exit, seen as a steadying influence. Sterling rose 2.9 percent against the dollar with growing sentiments of stability.
Brexit plan published in government White Paper
The White Paper’s publication comes after pressure from MPs across the House of Commons.
It sets out the themes of the government’s goals for its negotiations with the EU, as announced by Prime Minister Theresa May last month.
These include:
- Trade: The UK will withdraw from the single market and seek a new customs arrangement and a free trade agreement with the EU.
- Immigration: A new system to control EU migration will be introduced, and could be phased in to give businesses time to prepare. The new system will be designed to help fill skills shortages and welcome “genuine” students.
- Expats: The government wants to secure an agreement with European countries “at the earliest opportunity” on the rights of EU nationals in the UK and Britons living in Europe.
- Sovereignty: Britain will leave the jurisdiction of the European Court of Justice but seek to set up separate resolution mechanisms for things like trade disputes.
- Border: Aiming for “as seamless and frictionless a border as possible between Northern Ireland and Ireland.”
- Devolution: Giving more powers to Scotland, Wales and Northern Ireland as decision-making is brought back to the UK.
The document says the government will “keep our positions closely held and will need at times to be careful about the commentary we make public”, with MPs offered a vote on the final deal.
A chart on page 32 of the Brexit White Paper has raised a few eyebrows by claiming UK workers are currently entitled to a generous 14 weeks of annual leave.
Exit talks with the EU are expected to last up to two years, with the UK predicted to leave the 28-member organisation in 2019.
Taken from http://www.bbc.com/news/uk-politics-38836906
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- 3 Feb, 2017
- NEBA Financial Solutions
- 0 Comments
- brexit, Brexit plans, NEBA, Structured Products, theresa may,
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