It’s almost time.
The events of this month will hold long-lasting consequences for the nation of the United Kingdom. If you have any dealings within the UK, business or otherwise, it’s recommended for you to stay up to date with the events leading up to the final split of the UK on the 29th of March. You never know which policy change might be an additional variable for you to factor in your business goals.
To get things started, Theresa May’s government will make their final attempt at passing a deal in parliament on the 12th of March.
If parliament votes in favour of May’s proposed Brexit deal on the 12th of March, then UK leaves EU with a deal.
On the other hand, if May’s proposal is rejected by the parliament for the second time, it puts the May government in another sticky situation. In order to tackle the consequences of such a situation, May on Tuesday made it clear that she would provide the lawmakers with 2 additional votes to decide the future course of action for the UK.
First, there will be a vote conducted on the 13th of March on whether or not the UK should proactively opt to leave the EU without a deal. While a no-deal Brexit is the default consequence of article 50 should there not be parliamentary consensus on a viable deal, it wouldn’t be likely for the parliament to actively follow this course of action. This is a less favourable option and the MPs are expected to reject this overwhelmingly.
Therefore, the likely outcome would be the step following this vote; the idea of potentially delaying Brexit altogether.
Now in order for this to happen, every member state of the European Union must be in consensus. The next meeting in which all the heads of European Member states meet is on the 21st of March, which will be another crucial date to keep an eye on this month.
Should Parliament face the following scenarios,
1) reject May’s second deal, and
2) oppose a no-deal Brexit,
the only remaining option for May would be to request an extension for the official departure of the UK from the EU. And the response to this request will be determined on the 21st of March (should it come down to that).
If the UK leaves the EU without a deal then the citizens right of residence is at stake. A no deal would majorly affect the trade system and cause a shortage of fresh food and medical supply. Many multinational companies believe no deal Brexit will adversely affect the British economy.
For countries like India, watching the Brexit discussions is very relevant as it will likely have an impact on how the UK deals with migration for instance, highly skilled migrants are most likely to benefit from UK’s exit from the EU.
“When we leave (the EU) we will bring in a new immigration system that ends freedom of movement once and for all. For the first time in decades, it will be this country that controls and chooses who we want to come here,” May said in a statement.
“It will be a skills-based system where it is workers’ skills that matter, not where they come from. It will be a system that looks across the globe and attracts the people with the skills we need”, she quoted.