Brexit was one of our 2019 outlook expected "resolutions"
and Brexit finally happened on January 31st.
In this week's Sightlines, we review
the history of Brexit,
what lies ahead for the UK and the EU,
and the possible implications for us in the U.S.
The original Brexit vote, 52% to 48%,
took place on June 23, 2016,
and Brexit was set for March 29, 2019.
Then, Prime Minister Theresa May
failed to get the deal done and the
deadline was extended to October 31, 2019.
But after three more failed attempts,
May stepped down as PM.
In July 2019, Boris Johnson became PM,
committed to the UK leaving the EU
with or without a deal.
but he ultimately asked for an extension
all the way to January 31 of this year.
December 2019 snap elections solidified
Johnson's Conservative Party control and
Brexit was signed and delivered on January 31.
So the next steps?
The UK and the EU must now negotiate a
comprehensive trade deal by December 31.
The deal will cover lots of areas including
financial services, autos,
fishing rights, and border controls.
If no trade deal is struck,
tariffs will loom.
So what does this mean for us in the U.S.?
The EU and the U.S. are lining up
for more trade negotiations and
the U.S. has also signaled its intent to
negotiate a deal directly with the UK
So on all fronts, more work to do.
We invite you to read SightLines
to learn more about our views on
Brexit and the work that lies ahead.