Johnson reinforces UK law to expedite trade deal with EU in 2020

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After winning a majority vote in the election on Thursday, Britain’s Prime Minister Boris Johnson will use his control of parliament to overpower extension schemes of the Brexit transition period beyond 2020.

“Our manifesto made clear that we will not extend the implementation period and the new Withdrawal Agreement Bill will legally prohibit government agreeing to any extension,” said a government official on Tuesday.

The United Kingdom will enter a transition period being an EU member while it irons out with the EU a trade deal to set their post-Brexit relationship. The transition will follow right after Britain exits on Jan. 31.

If the UK and the EU failed to come up with a trade deal, the trade relationship of the two will be taken to the World Trade Organization, which will be more problematic for businesses of both sides.

The European block will start to negotiate with Britain in March 2020 and will try to produce a trade agreement for the rest of the year.

 

The information and recommendations contained in this analytical document are published strictly for information purposes and are not considered as an offer to buy or sell the trading tools mentioned above and are not intended to motivate to perform certain transactions
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