Weighing the economic senarios post-Brexit

Brexit; EU, Europe

As we move closer to January 31st, the British public as well as their European counterparts plan on how Brexit will affect their lives.

Fortunately, we have until December 31st until the changes settle in. For now, there are a few things brits can still do after the 31st:

Holiday in the EU: British citizens are able to travel and stay in the EU up to 90 days without visa issues. The European health insurance card that provides service to member state visitors. Get a full-time job/part-time in the EU: Until the 31st the same rules apply as before, so work will not be affect. Afterwards however, EU members are expected to discriminate in favour of EU applicants. Apply for research funding: British citizens still have the opportunity to apply for Horizon2020 programme funding, and for regional development and social funds. The Creative Europe programme will also remain open for applications.

What to expect leading to December 31st 2020

The 12-month transition period doesn’t pose as a threat to travel, business, and well-being. However, there are still a few hurdles ahead. By March 1st 2020, negotiations are expected to commence. Both the EU and UK have said the objective should be reaching a quota-free, tariff-free trade in goods.

June 2020, a summit will take place to discuss the progress of the talks between the EU and UK. This is the final month a request for extension beyond the transition period can be made. Boris Johnson has pledged that he will not do so.

If a deal is not reached by by December 31st 2020, the UK would be subject to the laws of the World Trade Organization. This outcome is the same as a no-deal Brexit, and both sides have to deal with the economic fallout in 2021.


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