With the planned date for leaving the EU fast approaching, speculation is heightened over what the final outcome will be - deal or no deal. Whatever happens come 29 March, businesses will be focused on preparing as much as possible for different scenarios
Over the last few months we have seen a greater speculation around the impact of the vote to leave the EU on not only the UK economy and politics but also the rest of the EU. What will it mean for EU imports into the UK? Is there a wider impact to predicted changes in equity prices in the banking sector? What will it mean for different sectors in terms of regulatory change? And how will it affect the negotiation of international free trade deals?
We have produced a short note which looks at what businesses can do to get ready for the changes ahead.
Gowling WLG's experts have been among the first to comment in the media on every major Brexit milestone. Subsequently, we are playing a regular part in the conversation of how the UK is moving towards exiting the EU.
Counting down to Brexit…
Please note that some of these timings are indicative only.
31 December 2021
The UK government expects 'Irish backstop' to end, in the hope that alternative measures to any temporary customs arrangements will be in place.
31 December 2020
The transition period ends (unless somehow extended past 2020).
23-26 May 2019
European Parliament elections. The UK will not be represented.
30 March 2019
Transition/implementation period begins. Talks resume on trade and future relations between the UK and EU.
29 March 2019
The UK is expected to leave the EU. A special summit of the EU27 is expected soon after.
21-22 March 2019
European Council meeting.
The EU (Withdrawal Agreement) Bill is passed to give legal effect to any Withdrawal Agreement that has been approved by the House of Commons.
Withdrawal Agreement is ratified by the UK in accordance with the Constitutional Reform and Governance Act 2010.
February - March 2019
The European Parliament votes in plenary on the Withdrawal Agreement (either in its current or amended form). The Withdrawal Agreement is concluded by Council acting by a super qualified majority (20 of EU27, comprising 65% of EU27 population).
Another amendable motion laid by the Government to be debated if no deal has been approved
24-25 February 2019
EU leaders in Sharm el Sheikh, Egypt, for summit meeting with the League of Arab States. Could be used as an opportunity to sign off any amendments to the current deal.
15 February - 21 February
House of Commons recess cancelled to allow Brexit work to continue.
14 February 2019
MPs debate the motion laid the previous day.
13 February 2019
If no deal has been approved by the House of Commons, the Government tables a motion to be debated on 14 February. MPs are able to amend that motion to provide views on what should happen next.
4 February 2019
First meeting of the Alternative Arrangements Working Group, a group of MPs tasked with developing proposals for negotiation to replace the backstop.
29 January 2019
MPs vote to amend the motion taking note of the Prime Minister's proposed next steps stating that they are not in favour of a no-deal Brexit and instructing the Government to replace the 'backstop' in the current deal with alternative arrangements to avoid a hard border in Northern Ireland.
21 January 2019
Prime Minister makes a statement in Parliament outlining the Government's next steps following the defeat of the current deal.
16 January 2019
Government defeats a motion of no confidence tabled by the Labour Party.
15 January 2019
MPs vote by a majority of 230 to reject the Withdrawal Agreement and future framework laid before Parliament on 25 November 2018.