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Draft Brexit deal: implications for business

Draft Brexit deal: implications for business

Draft Brexit deal: implications for business

Ongoing Brexit negotiations between the UK and the EU have reached a critical juncture with the publication of the Draft Withdrawal Agreement, the Draft Framework for the Future Relationship between the UK and the EU and a Contingency Action Plan published by the EU Commission, which sets out measures designed to mitigate certain cliff-edge effects which would arise in the event of a No Deal exit.

There are still a number of hurdles that need to be cleared before now and March 2019. This includes ratification of the deal by EU leaders, by the UK Parliament through a ‘meaningful vote’ and the passage of a Bill, as well as approval by the European Parliament and the European Council. A summary of the ratification process and estimated timings is included in this document.

While political events are moving rapidly, there are still a number of hurdles that need to be cleared before now and March 2019. This includes ratification of the deal by EU leaders, by the UK Parliament through a ‘meaningful vote’ and the passage of a Bill, as well as approval by the European Parliament and the European Council.

Given the significant uncertainty which now exists, it is, in our view, important to have a high level understanding of the potential impact of the documents issued last week, and also to continue to make contingency plans for the worst case scenario, i.e. a No Deal exit.

This publication, Draft Brexit deal: Implications for business, aims to provide a headline analysis and summary of the Draft Withdrawal Agreement, the Draft Framework for the Future Relationship between the UK and the EU and Contingency Action Plan, with views from our experts on how the papers could affect your business should they come into force.