Brexit Update

On March 29th 2019 the UK will formally leave the European Union (EU). If a withdrawal agreement is ratified with the EU before this date, then the UK will enter a period of transition ending on 31stDecember 2020 during which time terms of trade between both parties will be negotiated.

Government guidance in the event of a “no deal”

As we approach the notional date of exit, UK Government has issued a series of technical papers covering circumstances in the event of a ‘no deal’ with the EU. These papers include;

The full list can be found here: https://www.gov.uk/government/collections/how-to-prepare-if-the-uk-leaves-the-eu-with-no-deal

Draft Withdrawal Agreement

The draft withdrawal agreement between the UK and the EU can be seen on the EU’s website at
https://ec.europa.eu/commission/sites/beta-political/files/draft_withdrawal_agreement_0.pdf

Future timescale

Following publication of the draft withdrawal agreement, EU leaders will formally meet in November to agree the draft withdrawal agreement which will then need to be ratified by the UK Parliament before being ratified by the European Parliament.

In December, UK Government intends to lay Statutory Instruments before the UK Parliament to enact the technical notices in case of a “no deal”. Should the draft withdrawal agreement between the UK and the EU be ratified by the EU Council of Leaders, the UK Parliament and the European Parliament then these instruments will be suspended.

UKLA advice to Members

Members should prepare contingency plans in the event of a “no deal” between the UK and the EU but not yet enact them.

Members should ensure they keep up to date with official Government advice and guidance on Brexit matters. Further Government updates and advice on Brexit can be found on the .gov website at https://www.gov.uk/government/brexit

Members should also consider their levels of stockholding immediately prior to, during, and after the notional date of exit in order to smooth out any disruption to supply chains between the UK and the EU.