“Brexit will change the face of the global financial market forever.” This is the frank words of one of the top financial analysts at Wilkins Finance. With less than a year remaining, the opponents of Brexit are mobilising. Britain voted for Brexit in a historic vote on June 23, 2016, which saw 52 percent of the country demand the government take back control of laws that affect the UK.
Theresa May and the curious case of Brexit
Theresa May, one person that has made it clear that the UK should leave the EU in spite of voting Stay in the submission – has already said she will vote for parliament in a bargain she will concur with the EU. Yet, the main lawmaker has cautioned that should it be thrown out, the UK still leaves with no arrangement in place. She has already reacted to this after walked out with a number of wins over the EU leaving. The administration endured three more Brexit massacres, taking the wins up to a total of nine.
May is currently being pressured over the fate of England’s customs plans from groups inside the party following a split in the Cabinet. Energetic Brexit campaigners dread May will hold the UK with irons to the EU’s trade agreement.
On the opposite side, Tories who need to keep the UK where it is now are conversing to join the opposing Party to thrash May in a critical vote on the issue that lies in the not too distant future. In the event that she consents to either side’s demands, May will risk her entire plan backfiring and this may see her expelled from control.
When it comes to trading relationships
EU and UK authorities will begin talking on what the post-Brexit trading relationship may entail. With only a year to go until England leaves, it will be the first run through moderators take to think about positions on how close ties can stay after Brexit. The two sides are separated on what sort of arrangement should be made. The EU has rejected the UK’s recommendations for selecting the best bits of EU membership and the UK says the EU is being too flexible on what to do.
The sessions will also cover the still uncertain issue of the Irish border and different parts of the separation agreement that needs to be settled. The UK has for some time been pushing to begin trading talks and Brexit Secretary David Davis demands an itemized agreement on trading before leave day or else it will be hard for parliament to endorse the separation bargain.
With that said, EU authorities have said there’s insufficient time for a full understanding and the main part of the trade transaction will be done once the UK has cleared out. The two sides are hoping for the separation arrangement to be settled before the end of October so there’s opportunity for both parties to endorse it.
Talks about extending Brexit to 2020
In what might be a politically dangerous choice, the UK should remain inside the European customs union past the time frame’s end date of December 2020 while new measures are introduced. It’s not something government approached as yet, but rather a possibility that is being talked about by senior authorities.
Conservative Party Brandon Lewis was asked whether the UK would remain in the customs union until 2023. Although he was not comfortable with the question, he didn’t deny it either, saying the Cabinet would be getting together in the future to make a few choices on it. Up to this point, the official approach has been that the UK will leave the EU’s customs union toward the finish of 2020. It is not clear whether this would be the case or if Brexit will be extended for an even longer period.
With this said, it is not yet clear whether Brexit will fizzle out or not as the EU and the UK are still very much at each other’s throats as to what the future holds. For traders of the financial markets, it still stays an uncertain time where extra caution should be taken.