London,
02
April
2019
|
18:00
Europe/Amsterdam

Brexit: the latest developments

Although any update on Brexit risks being out of date as soon as it's published, the end of March marks a turning point in the process.

On 29 March 2019 (the original date for Brexit to take place), the draft Withdrawal Agreement was rejected for the third time by the House of Commons. As a result, the deadline for the UK to leave the EU will be extended only by 2 weeks from the original date – so until 12 April 2019. Unless the UK then agrees a further extension with the EU (or, possibly, if the Withdrawal Agreement is ratified by the House of Commons in the meantime), the UK will leave the EU on 12 April 2019 with no deal in place.

Any extension is likely to be a lengthy one, as the UK will most likely be required to participate in the European Parliament elections due to take place in May 2019 and so will be an active member in the next EU budget round.

It still remains unclear what form Brexit will take and when it will happen. On 28 March 2019 the House of Commons held 'indicative' votes on a range of alternative options (including a second referendum and revocation of Article 50). None commanded a majority.

Unfortunately, the only beneficiaries of the ongoing uncertainty are popcorn manufacturers and traders betting against the pound. Other businesses will be keen to get some certainty at the earliest opportunity. Watch this space for further updates.

If you would like any additional information, please contact Jane Amphett.