CEO Round Table, the BREXIT Clock is Ticking : Time is running out, 274 days left
On 28 and 29 June 2018, the European Council will meet for a super summit before the summer: the state of play of the BREXIT negotiations will be one of the many hot topics to be discussed.
At present, negotiations are not going well: the UK is not able to propose a solution for Northern Ireland and many other questions are still open.
On 14 May 2018, the EU Council concluded that no significant progress in the negotiations has been made since the end of March 2018. It is unlikely that the EU Council will conclude differently on 28 and 29 June 2018.
For businesses, the lack of progress means that it is imperative to prepare for a hard BREXIT on 30 March 2019.
While the negotiating parties provided for a ‘transition period’ in the Draft Withdrawal Agreement of March 2018, businesses should not sit still. If not all remaining questions are resolved, the risk that there will be no Withdrawal Agreement is real. No Withdrawal Agreement means no transition.
Many important questions in relation to the Withdrawal Agreement have yet to be resolved. How to avoid a hard border in Northern Ireland? What happens with trade as soon as the UK leaves the Customs Union? Will the Court of Justice of the European Union be competent to rule on disputes in relation to the Withdrawal Agreement? These remaining questions have been stumble blocks since the very beginning of the negotiations. As one of the EU principles is ‘nothing is agreed until everything is agreed’, the transition period, being a part of the Withdrawal Agreement, is far from solid.
In addition, negotiations on the future relationship have not even begun yet.
THE CLOCK IS TICKING!
Businesses should prepare for the worst-case scenario: the UK becoming a third country on 30 March 2019.
On 5 February 2018, PwC and Law Square hosted an interactive event among CEOs and discussed the potential impact of a hard BREXIT on businesses.
With only 274 days to go until the withdrawal date, we believe it is the right time to provide you with a brief update on the current state of play of the political and legal context of BREXIT and the likelihood of closing the Withdrawal Agreement. In our opinion this information will help you assess and prepare for the consequences of BREXIT from a strategic, operational and risk management perspective.
We hope to see many of you on 29 June 2018 at 14:00 CET for what promises to be a thought-provoking WebEx.
- Political and legal context
By Ine Lejeune, Partner Law Square, Tax Policy, Dispute Resolution and Litigation, BREXIT lead partner
WHERE AND WHEN
WebEx on 29 June 2018 at 14:00 CET (45 minutes).
Dial-In: +32 2894 8317
Meeting number: 849027512#
On behalf on the PwC/Law Square Brexit Core Team,
Partner Law Square
Partner Tax Policy – Dispute Resolution & Litigation
Partner PwC Belgium