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Brexit Update

Posted by on September 26th 2018 in News

brexit

The Brexit countdown is coming to a close as the UK struggles to make a deal before leaving the European Union on 29 March 2019. As of now, there has been an additional meeting scheduled for November for any last minute attempts at a deal but both sides seem to be digging their heels in.

Theresa May’s Plan

The British PM, Theresa May, brought to the table a deal that would keep Great Britain close to the EU without such heavy funding. This deal stated that:

  • The UK would remain closely tied with Brussels
  • There would be a creation of a new UK-EU free trade area for goods with a “common rulebook” which would limit the UK’s ability to strike deals with countries such as the U.S.
  • An independent foreign and defence policy would be created that would work closely with the EU and other allies and,
  • There would be no hard border between Northern Ireland and Ireland or between Northern Ireland and Great Britain.

The EU’s Plan

The EU made it clear that they would accept this deal under no circumstances; especially the requests to keep Great Britain in the single market for goods and the open border for trade between Great Britain and Northern Ireland.

An additional summit has been added for a final chance for EU leaders to make a decision regarding Brexit that will take place on November 17-18 of 2018.

Hard Brexit Consequences

Both the UK and the EU are preparing for a possible “Hard Brexit” in which no deal would be made. Pharmaceutical companies, like Pfizer and Glaxo Smith Kline, have begun stockpiling prescriptions at the request of the government in case of delivery delays. Even Cadbury is busy stockpiling chocolate. Delayed delivery times due to customs delays at the borders are expected to be a huge consequence with a delay of 10-30 minutes expected to cause bankruptcy in 1 in 10 firms. British citizens should also be aware of possible traffic delays near the border, the fact that their driving license may no longer be valid throughout the continent, and that cell phone subscribers may lose service when leaving Great Britain.

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