The Withdrawal Agreement Deal: What You Need to Know
The long-awaited Withdrawal Agreement Deal between the European Union (EU) and the United Kingdom (UK) has been reached, but what does it mean for businesses and individuals?
Firstly, it is important to understand that the Withdrawal Agreement Deal outlines the terms of the UK’s exit from the EU. It covers a range of areas, including citizen’s rights, the financial settlement, and the Irish border.
One of the key aspects of the deal is the transition period. This period will run from the UK’s departure from the EU on 31 January 2020 until 31 December 2020. During this time, the UK will continue to follow EU rules and regulations, but it will no longer have a say in the decision-making process.
For businesses, this means that trade will continue as normal during the transition period. However, there is still uncertainty about what the future trade relationship between the UK and the EU will look like once the transition period ends.
The deal also provides certainty for EU citizens living in the UK and UK citizens living in the EU. They will be able to continue living and working in their respective countries with their rights protected.
Another important aspect of the deal is the financial settlement. The UK will continue to contribute to the EU budget until the end of the transition period. It will also pay its share of outstanding commitments, which include contributions to EU programs and projects.
The Irish border has been a contentious issue throughout the Brexit negotiations, but the Withdrawal Agreement Deal includes a protocol to avoid a hard border between Northern Ireland (which is part of the UK) and the Republic of Ireland (which is part of the EU). The protocol states that Northern Ireland will remain aligned with EU rules and regulations related to goods, while the rest of the UK will not. This will avoid the need for a physical border between the two countries.
Overall, the Withdrawal Agreement Deal provides some much-needed certainty for businesses and individuals. However, there are still many details to be worked out, particularly around the future trade relationship between the UK and the EU. As always, it’s important to stay informed and prepared for any changes that may come.