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Brexit: weekly news digest 15th Nov

Theresa May announces that the text of a Brexit deal has been issued

As we are sure you have seen, flashing all over your screens today, on Wednesday 14/11/2018, Theresa May announced that the text of a Brexit deal had been issued.  A 585 page document was issued, giving a condensed overview of how a Brexit deal would be drawn up and how the final negotiations would be concluded.

As we type, there are intense cross party political wranglings and Ministerial resignations in Westminster.  The political landscape is flexing.  What businesses may want to consider though, is the details of the proposed Brexit agreement and review how this deal may impact on their strategy and business planning.  The document sets out the terms under which the UK will withdraw from the EU, how the UK will remain in a customs union, the transition period and how free movement between the EU and UK would end.

The main outline points of the deal can be seen at https://edition.cnn.com/2018/11/15/uk/brexit-deal-key-policy-takeaways-intl-gbr/index.html and https://news.sky.com/story/brexit-draft-deal-the-key-points-explained-11554494 

Philip Hammond, on Wednesday night, called for business to support the proposed deal.

There is still a hill to climb in terms of getting any deal accepted through Parliament and this draft agreements may or may not be accepted.  The possibilities of the proposed deal not being supported through the Commons is still the Cabinets biggest challenge. 

Andrew Gray, head of Brexit at PwC, said that they are still encouraging businesses to plan for the outcome of this deal and a possible no deal scenario.

And the same message is coming from James Stewart, Head of Brexit at KPMG https://home.kpmg.com/uk/en/home/media/press-releases/2018/11/kpmg-comments-on-the-draft-brexit-deal.html?cq_ck=1542194363802 

Jill Rutter of the Institute for Government gave her overview of the draft agreement, highlighting the opposition parties take on the Brexit deal proposal.

https://www.instituteforgovernment.org.uk/blog/best-available-brexit-not-entailing-excessive-damage 

With the uncertainty surrounding how the Brexit deal will be adopted and indeed, if the Prime Minister will stand, unchallenged, business may still want to consider more than one possible outcome to the Brexit negotiations.  Understanding the implications of the draft agreement, considering a no deal outcome and the outlying possibility of a second referendum.

Don't forget to access the Brexit Toolkit to understand how Brexit may impact your business. The current planning information from central government is around no deal.  As more information becomes available, GC BGH will continue to provide planning tools and information.

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