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New Brexit Deal Approved By The House Of Commons Needs Another Extension Period

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Listed:
  • Petre Prisecaru

Abstract

After the British Parliament rejected in September the holding of general elections and decided to postpone Brexit and Supreme Court overturned the suspension of Parliament by the Queen at the request of Prime Minister, on 17 October a new revised deal was concluded between the British government and the EU. Hence, our paper proposes to presents the terms of the new deal on Brexit while highlighting the implications for the future of UK and EU separation. The new deal changed the so-called Irish backstop, setting a favorable customs regime for Northern Ireland, which remains basically in a customs union with Ireland and keeps EU VAT regime. Other key areas relate to the period of transition, British and EU citizens' rights, the financial obligations of Great Britain reduced to £ 33 billion, the future of bilateral relation. On 19 October the Parliament approved the new deal provided a Brexit extension is accepted by the EU, and subsequently rejected Boris Johnson's plan to speed up legislation to implement his agreement in three days. Boris Johnson and some Torry leaders insist on the general elections as soon as possible, and the President of European Council Donald Tusk has proposed to extend Brexit up to January 31, 2020.

Suggested Citation

  • Petre Prisecaru, 2019. "New Brexit Deal Approved By The House Of Commons Needs Another Extension Period," Euroinfo, Institute for World Economy, Romanian Academy, vol. 3(10), pages 29-39, October.
  • Handle: RePEc:iem:eurinf:v:3:y:2019:i:10:p:29-39
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    File URL: http://www.iem.ro/rem/index.php/euroinfo/article/view/725/807
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    More about this item

    Keywords

    Brexit agreement; parliament; government; deal implementation;
    All these keywords.

    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F15 - International Economics - - Trade - - - Economic Integration
    • F22 - International Economics - - International Factor Movements and International Business - - - International Migration
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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