British businesses are taking Boris Johnson’s election pitch to ‘Get Brexit Done’ with a pinch of salt: they know that confusion over the U.K.’s exit from the European Union is set to carry on through 2020, or longer.
Even if the prime minister wins a parliamentary majority in December and passes his Brexit withdrawal agreement, U.K. Plc would face another year of uncertainty before a still-to-be-negotiated new economic relationship with the EU begins at the start of 2021.
“The real impact of Brexit doesn’t start until the end of the transition,” said Lucy Fergusson, a partner at Linklaters in London, referring to the standstill period when trading relations between the U.K. and EU would remain the same. “What Johnson should be saying is ‘Get Brexit Begun,’” she said, when asked about the Tory leader’s slogan.
If he’s returned to power, 2020 would be a critical year for Johnson as he seeks to carve out a free-trade agreement with the bloc. His withdrawal deal, which covered delicate matters such as citizens’ rights, the divorce payment and avoiding a border on the island of Ireland, was just the first step.
The next will be negotiating a deal to replace the tariff-free access to the single market Britain’s companies have long enjoyed. Executives fret that Johnson will accept greater friction on trade — like tariffs and quotas — in return for greater freedom to diverge from EU standards. Should he fail to reach a deal with the EU, Britain’s largest trading partner, the U.K. could end up leaving on World Trade Organization terms.
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See Also:
(1) Corbyn ‘detests’ money makers and would destroy prosperity, Boris launches stunning attack
(2) Juncker Blames ‘Friend’ Tony Blair’s Approach to EU for Causing Brexit
(3) Farage Vows to ‘Hurt Labour in the Most Extraordinary Way’
(4) Pecksniffian Labour Hypocrites
(5) Election 2019 polls tracker: Corbyn in disarray as poll ratings plummet amid Tory surge
