Companies can view here the Statutory Instrument (SI) amending Exit day to 31 October 2019, in accordance with Decision of the European Council of 11 April 2019. If the Withdrawal Agreement is ratified by both parties before this date, the withdrawal will take place on the first day of the following month.
The differences between a ‘no deal’ scenario or a scenario where a Withdrawal Agreement is in place are explained in the below table.
When the UK leaves the EU, it also leaves the European Economic Area (EEA), the Customs Union and the FTAs that Europe has in place with third countries. This will have consequences on customs, tariffs, movement of people, regulations.
It is still unclear which scenario will apply. Although, companies are reminded that ‘no deal’ is the only default possible outcome therefore companies should prepare for the worst-case scenario.
The UK Government issued a series of Technical Notices to help businesses understand how they will be impacted by a ‘no deal’ Brexit. In addition to the Technical Notices, the UK Government has launched its EU Exit public information campaign which also includes a specific section for businesses, aiming to raise awareness of, and directs businesses to gov.uk/euexit content that will help them prepare for the UK leaving the EU.
The EU Commission also issued a series of Technical Notices to help businesses understand how they will be impacted by a ‘no deal’ Brexit…