Friday, June 24, 2016

Brexit: What Happens Now?

 

Euronews takes you through the options for Britain’s divorce from Brussels.

What happens now
 
In the short term, nothing. The arrangements are so complex that the UK’s status will remain as it was before until the terms of the exit are agreed. This is likely to take at least two years (see below).
 
Article 50 of the 2009 Lisbon Treaty outlines the process of withdrawal. It has not yet been used as no state has ever left the EU.
 
The most urgent matters will be for the UK to introduce its own rules and regulations to replace those previously supplied by the EU and to agree on its relations with other countries that previously were handled by the EU, most notably on trade.
 
A deal will also be needed on how to treat EU workers, student and others based in the UK and Britons living abroad. Given the upheaval on a social and economic level that would be caused by simply ejecting all these people, a transitionary arrangement is likely to let the vast majority stay for a number of years. 

Click here for the full article.

Source: euronews.

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