The Brexit due date passed, and Brexit is still a big topic in the UK and EU. What is happening now? How will the current status affect individuals and business? When will we receive an update on Brexit and what will happen? Did the EU and the UK make any agreements so far?
It feels like now, there are more Brexit questions than ever on the table and after so many failed negotiations between the parties in the UK and other obstacles the due date has been postponed. The topic might be as heavily discussed as ever, and there were mentions of another referendum. We will bring a little light into the Brexit darkness and help you to understand the current situation. This text will help you to conclude and find a solution for you and your business. While the politicians are still figuring out the Brexit deal and legal framework, you can take the necessary precautions for your business.
The Current Brexit Situation – An Overview
After many failed decisions on the terms of Brexit inside the British Parliament, the EU agreed to grant a six-month extension period until October 31st. However, if the UK and the EU ratify the withdrawal agreement before this date, the UK will leave before.
So as things stand at the moment, the UK will leave the EU on October 31st. In case the withdrawal agreement is ratified before they will leave the first day of the following month. If this happens, it will give very little time to act for individuals and small businesses. It is, however, likely that there will be some transition period.
There is still a chance that Brexit could be canceled. This thought is nothing the governing party nor the opposition in the UK are in favor of, but it is not an impossible scenario. According to The European Court of Justice and their rule, the UK could cancel the Article 50 Brexit process without the other member state’s permission. The United Kingdom could remain in the EU if their decision followed a “democratic process.” This means the Parliament would have to vote for it.
In March, an online petition to revoke the Brexit by Article 50 gained more than six million signatures.
Although the process could be delayed further by law, the EU stated that the process should not be delayed any further. Given the current Brexit situation it looks like October 31st is the final date for the UK leaving or remaining in the EU.
As we stated in earlier articles, now is the best moment to prepare yourself and your business for any possible outcome of the current Brexit situation. Countries like Malta have already taken action and established measures for UK-citizens living in their country.
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Is Brexit Still Happening?
Even though there is a slight chance of a cancelation of Brexit and the UK remaining in the EU it is not very likely. It would mean a distrust between the British politicians and the result of the referendum. Neither of the British parties is in favor of that. There were mentions of another referendum.
It is not impossible, but it would have to be put into law by the government, that has previously called it. Theresa May and Jeremy Corbyn held talks to find a way to move forward, without having another referendum. However, if, May’s withdrawal deal failing several times, and if Labour and the Conservatives fail to agree on a deal, there are different options for settling on Brexit. One of which could be another referendum. There is, however, still the possibility of a no-deal Brexit.
At the moment, it looks like Brexit will still be happening but most of the difficulties and obstacles have not been blown out of the way. Theresa May is still trying to get her withdrawal deal approved in the UK and to leave the EU with a deal beneficial for both parties is still not guaranteed.
We will keep you updated on the current Brexit status and crafted tailor-made solutions for you and your business to survive this Brexit madness.
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