Published on December 10, 2018 by Maria Correa

Brexit deal

There have been many phrases used to describe the various Brexit deal options. From ‘No Deal’, to ‘Hard Brexit’, here comes the so-called ‘Lose-Lose Deal’.  

A greater understanding of the current political situation has led to the view that the UK ought to reach a negotiation and prepare itself for any troubles it may face after leaving the EU. To an extent, the new deal is arguably aimed at doing just this.

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Although many consider the Brexit deal on the table as not entirely beneficial to the UK’s future and its desire for autonomy, it’s widely regarded as preferable to the option of ‘No Deal’. Overall, it’s apparent that neither the EU nor the UK feels this deal is the best scenario for either party, but they see very little alternative.

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What Would This Deal Mean? 

  • Citizens’ Rights for EU citizens in the UK and UK citizens residing in EU countries; they will be able to live, work and study as they did before
  • The UK will pay £39 billion towards the EU budget until 2020, thereafter they will no longer pay towards the EU budget
  • The Irish border, a controversial issue has finally culminated into the following solution: the ‘backstop’, where the UK will have to remain in the customs’ union while Northern Ireland will stay in the Single Market if there is risk of a hard border being put in place
  • While the UK markets will continue to adhere to EU standards when trading with the EU, they will have the freedom to trade with and make trade deals with whomever they wish, according to the belief that the UK will have a separate market and control over its domestic laws
  • During the transition period, the UK will be bound by EU laws and regulations

More is to be discussed and this is subject to the agreement of the members of parliament too.

Interested in Brexit’s potential impact on law firms? Click here to find out.>>

What are the implications of ‘No Deal’ Brexit? 

Discussions of ‘No Deal’ continue to make headlines, but to truly understand the impact of ‘No Deal’, one must understand what the World Trade Organisation (WTO) is firstly. The WTO is an organisation which standardises trade globally.

They act as a forum for negotiating trade deals, they attempt to settle any trade dispute between members and also assist developing countries with trade related issues.

The issue that comes with this deal is that the UK will not be prioritised by the markets the EU has free trade agreements with. It is also an expensive options as there will be a sudden increase in tariffs on goods and services. More so, the economy would likely suffer until the UK has reached trade deals with the appropriate countries, which in and of themselves will take time to develop.

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Is Another Referendum an Option?

The suggestion of a second referendum on Brexit itself is far from what is now being asked for. Rather, it has been pointed out that a referendum on the deal that has been negotiated is the next best thing.

  • While some maintain that another referendum is not what the country needs in regards to political stability, others suggest that this option would allow government to understand whether further negotiations are something ordinary people support.
  • A referendum, its backers argue, will give a clear indication of whether the Brexit deal should be renegotiated or pursued. However, as far as we know, this option has only been discussed and whether it becomes a reality remains to be seen.
  • According to a YouGov poll, ‘41-51%’ of people are opposed to the deal, while ‘12-28%’ support it, whilst a remaining portion of people are unsure whether they would support the deal or not. Many voters hold the belief that a better deal could be still be developed. Based on this, one might question whether a referendum on the vote should occur or not. However, this is once again only a possibility and is still uncertain.

How will Brexit impact the different legal sectors? Click here for more. >>

Final Thoughts

In terms of what comes next, here are some questions to think about in the coming weeks:

  1. What do you think about a possible vote on the deal?
  2. Do you think the deal could be better after re-negotiation?

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Author: Anjali Narbheram


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