BREXIT is confirmed

BREXIT is confirmed

As of 11.00pm tonight, Brexit is confirmed. The United Kingdom will leave the European Union. This unprecedented and historic event is the culmination of a vote in the UK in 2016, and follows the landslide victory of the Conservative Tory party in in the 2019 general election there.

Legally a transition period between the EU and the UK commences as of 11.00pm and the status quo remains for trade relationships, cross border services, import and export. The current legal position of the UK within the EU remains largely unchanged.

The UK is and EU are bound in the negotiations to come by the withdrawal agreement recently ratified by both the UK and EU Parliaments. The most significant provision in this agreement is that event in the event of the failure to reach agreement on the final terms of withdrawal across a large number of areas, the Irish border will not return to the island of Ireland and parties must agree some form of border control mechanism that avoids a hard border.

The potential impact on Irish trade is thought to be significant albeit less so now that a hard Brexit is so far not in prospect. If the UK government follows through on its’ promise to cease negotiations by the end of this calendar without or without agreement the prospect of “hard Brexit” returns.

To complicate matters further the UK must apply by the 1st July next for an extension of time to conclude these negotiations if more time is considered necessary.

Free movement and business, people and capital and from the UK remains in place for the next eleven months. UK business must now consider a presence in both their UK territory and an EU jurisdiction. Relocation can be achieved with ease within the next eleven months with the right team to assist.

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