News

BREXIT - What Happens Now?

by Dimitris Anastasiadis



What Happened Yesterday?

British MPs have voted for a delay in the Brexit process for three months or more, after struggling to agree on what terms the UK should leave the European Union on 29 March

The Story in 100 Words

Members of Parliament have struggled to agree how Britain should leave the EU on 29 March. Deals proposed by Prime Minister Theresa May (and agreed with the EU) have twice failed to get through the House of Commons. Now, MPs hope their 413 to 202 vote on Thursday will help them agree a deal. Any problem? Yes - the Brexit deadline is legally binding, and can't be extended without the agreement of all 27 other EU countries. Even if the deadline is extended to help prompt the divided British Parliament (and divided governing Conservative Party) to agree a Brexit deal, there's no guarantee they will.

So Brexit will be delayed?

Yes – on the assumption the EU member states unanimously agree. If they do not – which seems unlikely – the UK still leaves on 29 March, but without a deal. The government motion decrees that the government will seek agreement with the EU for an extension to article 50 beyond 29 March.  It says that if a Brexit plan is agreed by 20 March – it is widely assumed May will have a third try at squeezing her deal through the House of Commons early next week – then there will be a brief extension, until 30 June, allowing legislation to pass. If not, it will be for longer.

What happens if the UK leaves without a deal?
  1. No deal" means the UK would have failed to agree a withdrawal agreement. That would mean there would be no transition period after 29 March 2019, and EU laws would stop applying to the UK immediately. The government says it is preparing for this potential situation, but there is "little evidence" that businesses are. It expects some food prices could rise and checks at customs could cost businesses billions of pounds.
Is this it for a second referendum?

It depends who you ask. Brexiters reacted to the crushing defeat of the plan by cheerily tweeting about its demise. But supporters of the scheme were adamant that this was an inevitable defeat for a premature attempt to force the issue. It is nonetheless a setback for them. What is – and always was – obvious is that if the plan is ever to pass in the Commons it will need the wholehearted support of the Labour leadership.

Dimitris Anastasiadis

Experienced Consultant with a demonstrated history of working in the financial services industry. Skilled in Financial Risk, Credit Risk Modelling and Validation, Risk Management, Corporate Finance, Derivatives, and International Financial Reporting Standards (IFRS). Strong consulting professional with a MSc in Finance from Università Commerciale 'Luigi Bocconi'. In my articles I will try to balance my financial background with my love for science and astronomy.


Register Your Business

Flash News

Brexit News Live | Theresa May promises parliamentary vote on second referendum in desperate bid to force through exit plan

News

Monday's Google Honours Georgios Papanikolaou

Greece in the News

What is Europe Day and is anyone celebrating?

History & Culture

Που θα ψηφίσουμε στις Eυρωεκλογές

Life in the UK

Cathedral of Notre-Dame in Paris is on fire

News

West London shooting

News

Brexit | UK and EU agree delay to 31 October

News

Ο James Bond στο «Σταύρος Νιάρχος»

Greece in the News

Πρόγραμμα εγκατάστασης πολιτών ΕΕ τώρα και στα Ελληνικά!

Life in the UK

Η τρίτη ήττα της Μέι σηματοδοτεί εκλογές;

News

Η UNESCO απαντά στον Ερντογάν για την Αγία Σοφία

Greece in the News

Έξοδος και τέλος εποχής για την Τερέζα Μέι

News

Καταργείται η Αλλαγή Ώρας

News

Theresa May Opens Door for Second Referendum?

News

More than 4 million sign Brexit petition to revoke article 50

News

Papa’s got a brand new face

News

BREAKING NEWS: Brussels says no to Theresa May's June delay

News

Ryanair to Launch 12 New Routes from Greece for Winter 2019

News

Η κυβέρνηση θα ζητήσει την αναβολή του Brexit

News

BREXIT - What Happens Now?

News

Brexit Delayed..???

News

Brexit: MPs reject Theresa May's deal by 149 votes

News

Job Add | Full Stack Web Developer

News

Greek Music and The Silver Screen

Things to do

Giannis Antetokounmpo stars in Aegean Airlines' New Safety Video [VIDEO]

News

Where Europe Would Be Hurt Most by a No-Deal Brexit

Business Matters

Stavros Niarchos Foundation in support of Strengthening Greece’s Arsenal in the Battle against Cancer

News

Looking for the Non-Smoking venues in Greece? This platform will be your friend...

News

HAPPENING NOW @GreeksConnect