Insights on Brexit – The implications for your business of a Brexit 'transition period' (October 2017)
Earlier this year, the UK gave notice of its withdrawal from the European Union following its vote to leave. The clock is now counting down to 29 March 2019, when the UK will leave the EU. However, recognising the severe impact that a disorderly exit would bring to cross border business, the UK has said it will seek a transition (or implementation) period of about two years from the exit date, when the UK would not be a member of the EU but the status quo of single market and customs union access would largely remain.
On the 29 March the UK will take the unprecedented step of giving notice under Article 50 of the Lisbon Treaty of its intention to leave the European Union. The clock will start ticking and negotiators will have two years in which to agree the UK's exit deal.