Brexit remains one of the historic and seismic event of 60-year European Union (EU) history. Brexit is the term given for the prospective withdrawal of the United Kingdom from the European Union using the Article 50 process. This is now being keenly watched across the globe due to its far-reaching implications.
Brexit: Latest news and events
- Thanks to the agreement on three key issues: Britain's Brexit "divorce" bill, the rights of EU citizens in the UK after Brexit, and the Irish border; the deadlock on talks between EU and UK was broken and phase 2 of the talks have started. This is said to be the ‘Brexit breakthrough’.
- The Government is facing a High Court challenge over the legality of Article 50, which can possibly bring Brexit negotiations to a halt.
- British passports issued after October 2019 will be restored to its iconic dark blue and gold instead of the burgundy model prescribed under EU membership.
- The Court of Session in Edinburgh has said that a legal action can go ahead for establishing whether the UK can stop Brexit if British voters decide the final deal is unacceptable.
- British officials fear that Spain will veto Theresa May's Brexit deal in case she refuses to negotiate a separate agreement to cover Gibraltar.
Brexit: What is happening @ UK and EU?
- UK is scheduled to depart from EU at 11 pm UK time on 29 March, 2019. But instead of going cold turkey, there would be a temporary “transition period” after the UK leaves the EU and before the final arrangements kick in. EU has now set a 21-month limit for this period, ending by 31 December 2020.
- EU is bracing for Brexit impact by proposing a bill to bring the biggest investment firms in the euro area under the supervision of European Central Bank (ECB). The access criteria for companies outside the EU is also aimed to be toughened.
- Political and economic uncertainty from Brexit continues to affect the UK housing market due to high inflation.
Impact on the Markets
- Thanks to the news of Brexit breakthrough, Europe's stock markets are surging and the pound briefly topped $1.35. Europe's banking index also boomed. However, all these are expected to remain volatile for near future depending on positive/ negative Brexit news.
- Due to Brexit boost, 100 new firms back London on Stock Exchange in 50% rise in a year. This shows that London will remain a global financial player post-Brexit.
- British stocks and Eurozone equities cut down by funds due to Brexit uncertainties.