Key milestones in the BREXIT process are:
- UK notification to the European Council of its intention to withdraw from the EU under Article 50 of the Treaty
on European Union. This is not expected to take place in 2016 but, once Article 50 is triggered, the UK will leave
the EU two years later (unless all other EU member states agree to an extension of that period).
European Council’s adoption by consensus of the guidelines for the EU mandate to negotiate and complete the
Withdrawal Agreement. The timescale for the negotiation is not set and may well take longer than the original
two year Article 50 timeframe.
Trade deals with EU and non-EU countries as they fall due. Non-EU country trade deals are already being
discussed now but Germany and France have publicly stated that the EU trade deal negotiation will not
commence until Article 50 is triggered by the UK. It is expected that the negotiations will take place during the
post Article 50 notification, thus allowing quicker resolution post the conclusion of the Withdrawal Agreement.
If new trade deals are not negotiated in the two year period (and any extension) then the UK could potentially
have to fall back on World Trade Organisation trade principles until the trade deals are finalized (which impose
tariffs on certain good and services etc).
We will continue to monitor the situation, and provide insight and updates as set out above. You can expect timely
information, advice and solutions to best place you to manage the risks your business will face
Please call us and we’d be delighted to discuss the above further.