Brexit process starts in 2017, according to the Prime Minister of the United Kingdom, Theresa May. She seeks for the “best deal possible” for the UK. But what about the UK and EU brokers?
Brexit process starts in 2017
Moreover, during the gathering, Mrs. May stated the deadline for the beginning of the formal divorce process. Theresa May has stated:
“There will be no unnecessary delays in invoking Article 50. We will invoke it when we are ready and we will be ready soon. That would be by the end of March 2017.”
The Article 50 indicates the departure negotiations period as long as two years. In case there is no agreement reached, the UK leaves the EU and the trade between the country and the bloc is regulated under the World Trade Organization (WTO) framework. Theresa May has specified that the two-year period was what she had in mind, adding that “Great Repeal Bill” is about to be included in the state’s legislative program in 2017.
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The “Great Repeal Bill” will have the effect of integrating all current EU laws into British law, helping the business and employees stay balanced. Mrs. May stated that neither the House of Lords nor the House of Commons will get to vote on the triggering of the UK departure from EU. However, Theresa May did not provide any details on the Article 50 implementation, adding:
“Telling people the exact goals would sabotage them.”
Implications for the UK brokers
Mrs. May has appointed David Davis, Boris Johnson, and Liam Fox to manage the process of UK exit, warning them that “Every stray word and every hyped up media report is going to make it harder for us to get the right deal for Britain.”
UK’s Prime Minister stated that she sees New Zealand, India, China, Singapore, South Korea and Mexico as the countries the UK’s trading partners. She also added that the near future relationship will not be “anything like the one we have had for the last 40 years or more.”
Mrs. May indicated her will to have the “best deal possible” with the EU, which would ideally involve a free trade of services and goods.
As Brexit process starts next year, the financial licensing and regulations are about to be affected as well, as the brokers with Financial Conduct Authority (FCA) license will not be able to provide their services to EU residents without an additional license from each of the EU countries. The same framework will apply to the EU-based brokers, as they will be obliged to have the FCA license in order to solicit to the UK investors.
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