Connect with us

Brexit

Timeline: Key dates for #Brexit crisis

Published

on

Britain is due to appoint a new prime minister and attempt to renegotiate the terms of its Brexit deal, all before 31 October, when it is scheduled to leave the European Union, writes William James.

What are the key dates between now and Brexit day?

LEADERSHIP CONTEST

The ruling Conservative Party are in the process of selecting a new leader, who will replace Theresa May as prime minister and head of the party.

There are two candidates for the job: Jeremy Hunt and Boris Johnson.

The winner will be selected by a postal ballot of around 160,000 Conservative Party members.

6-8 JULY  - Members receive ballot papers

22 JUNE-17 JULY - Candidates attend 16 regional hustings events in which party members will be able to ask them questions.

WEEK COMMENCING 22 JULY - The result of the postal ballot will be announced. The exact day has not been confirmed by the party, but the winner could be named on 23 July and take power officially on 24 July.

PARLIAMENT

The new prime minister could face an immediate test of their ability to govern. The opposition Labour Party could bring forward a motion of no confidence. To survive, the prime minister would need to win a vote in parliament.

If a government lost a vote of confidence, there are 14 days in which a government can try to win another vote of confidence or an election is triggered.

25 JULY - Parliament is due to break up for its summer recess. If a no confidence motion were to be brought, it is likely it would happen on this day.

3 SEPTEMBER - Parliament is scheduled to resume for a short session which typically lasts around two weeks before there is another break while the parties hold their annual conferences. The exact length of this session has not been announced.

21 -25 SEPTEMBER  - The opposition Labour Party holds its annual conference.

29 SEPTEMBER to 2 OCTOBER - The Conservative Party holds its annual conference.

EARLY/MID-OCTOBER - Parliament resumes following the party conferences. The exact dates for this session have not been announced.

Under existing British law, any new Brexit deal would need approval by parliament before it can be ratified.

31 OCTOBER - Britain is due to leave the European Union.

Brexit

EU tells UK to say how long it will align with EU financial rules

Published

on

Britain must spell out how far it wants to diverge from European Union rules if it wants access to the bloc’s financial market from January, a top European Commission official said on Tuesday (27 October), writes

Britain has left the EU and access under transition arrangements ends on 31 December. Future access for the City of London hinges on UK financial rules staying aligned or “equivalent” to regulation in the bloc.

John Berrigan, head of the European Commission’s financial services unit, said Brussels has asked London for more clarification on Britain’s intentions to work out what is an “acceptable level” of divergence.

“We are almost ready,” Berrigan told the European Parliament.

“There will be divergence... but we have to get some mutual understanding of how much divergence is likely to happen, and is that going to be sufficient to allow us to maintain an equivalence arrangement.”

Brussels has granted temporary access for UK clearing houses, but chunks of stock and derivatives trading would move from London to the bloc without equivalence.

Separately, Britain and the EU are discussing a trade deal which would contain only limited references to financial services to avoid tying the bloc’s hands, Berrigan said.

“We see our regulatory co-operation in the financial services field outside the agreement,” he said.

It would consist of a “forum” similar to what the bloc has with the United States to assess potential divergence in rules ahead of time, he said.

“What we don’t want is an equivalence regime that is constantly under threat,” he said.

“We will need at the outset the direction of travel the UK want to go... so we don’t have to keep talking in emergencies about whether equivalence can be maintained or not.”

Britain has said that while it won’t weaken its high regulatory standards, it won’t be a “rule taker” or copy every EU regulation word-for-word to obtain market access.

Berrigan said market participants are generally ready for the “unavoidably fragmenting event” that full Brexit will be in January.

No trade deal would make future cooperation in financial services far more challenging, he added.

Continue Reading

Brexit

UK will not back down on fisheries policy in EU talks: Gove

Published

on

By

Britain will not back down on its demands to the European Union over fisheries, minister Michael Gove said in a 26 October letter sent to a minister in the devolved Welsh government, writes William James.

Responding to concerns set out by Jeremy Miles, Wales’s Minister for European Transition, Gove wrote: “I am afraid we strongly disagree with your premise that we should ‘back down’ on fisheries.

“The UK government’s view is that in all circumstances, the UK must be an independent coastal state, no longer be bound by the Common Fisheries Policy.”

Continue Reading

Brexit

Brexit decision entirely separate from US election outcome says PM Johnson

Published

on

By

Britain’s decision on whether to agree a Brexit deal with the European Union is entirely separate to the outcome of the US election next month, Prime Minister Boris Johnson said on Monday (26 October), writes William James.

“The two things are entirely separate,” Johnson said, when asked about an Observer newspaper report that he was waiting to see the US result before making a Brexit decision, and whether he was concerned about the prospect of a Joe Biden presidency.

Continue Reading
Advertisement

Facebook

Twitter

Trending