Thursday, November 15, 2018
Draft Brexit Withdrawal Agreement Explained
What's it all about?
Our Independent Economic Consultant, Peter Stanyer provides a brief summary of the content...
- One perspective is that the EU has been able to keep its eyes firmly on its long term interests of protecting the single market and preventing the longer term disaster for Brussels if Brexit was in time reckoned to be a success. In particular, the EU appears determined to rule out the prospect of the UK evolving into a successful, highly competitive, low tax, lighter regulated very large “Singapore” sitting a very short distance from France.
- The UK’s negotiators on the other hand have become increasingly focussed on the immediate dangers that a failure to reach an agreement could cause great disruption to trade and commerce while undermining the Good Friday agreement for the Island of Ireland. The UK has also been persuaded that work-arounds for these challenges are too difficult in the short term.
This is just the first in a series of hurdles which will need to be overcome, including a stamp of approval from parliament and the 27 other EU member states. We continue to watch this space...
Peter Stanyer is co-author with Professor Stephen Satchell of The Economist Guide to Investment Strategy, 4th edition, Profile Books, 2018. The views expressed are his own personal views, and do not constitute advice to buy, sell or hold any investment.