Quote:
In most cases, those real consequences are deferred by the 11-month "Transition Period" (sometimes "Implementation Period") during which Britain continues to contribute to the EU budget and be bound by EU rules.
What if there's no deal by the end of 2020?
It's not out of the question: the European Union says the 11-month negotiating time frame is not nearly enough to negotiate a new trade deal, and France's Europe minister warns a chaotic cliff-edge, no-deal exit scenario is entirely possible at the end of 2020.
Under the terms of the divorce deal, the sides can agree to a one-time extension of one to two years, but such an agreement must be made before July 1, 2020.
|
So the UK is still paying EU dues, is still bound by EU rules, but now gets zero representation in EU parliament. And that arrangement has a high likelyhood of extending into 2021 and beyond. What an amazing deal by Boris