Give me context... The Brexit deal has FINALLY gone through UK Parliament after the Conservatives won a majority in the UK’s general election (reminder: a Brexit deal had been rejected many times before). We explained you why here.
Great… so what’s next?
- January 29: The EU Parliament has to ratify the deal.
- January 31 to June 30: The UK leaves the EU but there’ll be a transition period when things still stay, broadly the same. The first priority will be to negotiate a trade deal with the European Union.
The problem is that the transition period is not long enough for much to be agreed on at all. Basically, unless the UK requests an extension to this period, something Johnson has said he will not do, both sides have less than a year to agree on a trade deal, avoiding the imposition of tariffs, quotas, checks, and controls.
If they don’t reach a deal. The UK faces the prospect of tariffs on exports to the EU and it’d be very bad for the economy.
What else? Besides the trade deal, the UK must agree how it is going to co-operate with the EU on security and law enforcement.