Latest Update on the Brexit Deal- Transition Period Set
A transition deal between the EU and the UK has been met as both parties agree on an end date for the transition period to be December 31, 2020. A withdrawal draft agreement has been made with plans for the EU 27 to sign at the European Council Summit later this week. The agreement appears to be mostly on the EU’s terms, with the UK compromising on allowing EU citizens arriving in the country during the transition the same rights as those arriving before Brexit, and on its preferred length of transition.
Most subjects were ironed out in the negotiation, however, some differences remained regarding Ireland and Northern Ireland. For now, the EU’s “backstop” option for avoiding a hard border between the two regions should remain in the draft legal withdrawal text, pending the UK coming up with a new option. Additionally, it was agreed that the UK will be able to sign, but not implement, trade deals with non-EU countries during the transition period and that they will not take control of its own borders, laws, or money until at least 2021.
Some say that this agreement comes too little, too late as nearly a quarter of UK businesses are planning to reduce their workforce to offset Brexit-related costs which will possibly amount to almost 70 Million Pounds. Stay tuned for more details as they come to light.