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Brexit promises another year moved for the markets: all key dates in 2020

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Another year moved by the Brexit? Some analysts have been warning for weeks. Although the overwhelming victory of Boris Johnson in the elections has paved the way and there is no doubt that the United Kingdom will leave the EU on January 31, the challenges presented in this 2020 Just started they are still very numerous. Especially for what will come next: the negotiation on the future relationship.

The deadline to reach an agreement on trade relations, security, education, transportation, fishing, electricity supply and other matters is set for the December 31, 2020, and the British prime minister refuses to postpone it – at least for now – despite the tight deadlines. Even if Brussels is already pressing to extend the expected time to negotiate.

Especially since, if an agreement is not reached, he will re-plan the possibility of a hard Brexit, which would cause higher costs and barriers in the trade of goods and services, something that has been tried to avoid at all costs.

These are the key dates to consider for Brexit this 2020:

-Principles / mid-January: the British Parliament will meet to approve the Withdrawal Agreement agreed by Johnson with the European Union, something that the 'premier' will achieve thanks to the absolute majority achieved by the Conservative Party in the December 12 elections. The 541-page text must be subsequently ratified by European lawmakers at their first meeting of the year.

-January 31: date on which the United Kingdom will officially leave the EU. And just then will begin the transition period, in which the British must negotiate with Brussels the future relationship. Nothing will change for businesses and citizens, as European legislation will still be applicable in the territory, but the country will lose the right to vote in community institutions. From this moment, in addition, the British Government may negotiate trade agreements with other countries, such as the US.

-25 February: that day the European ministers will meet in Brussels, and it is estimated that it will be the moment when they approve a new negotiating mandate to Michel Barnier, the EU chief negotiator who has commanded the Brexit process since the official request of the United Kingdom in 2017. Therefore, discussions on the future relationship may not begin until the end of February or the beginning of March.

-June: It is expected that in the middle of the year an EU-UK summit will be held, and it will be at that time that the parties will have to decide whether they can reach an agreement on their future relationship by the end of 2020, that is, within the deadline provided. Otherwise, the transition period should be prolonged, something that Johnson rejects because he doesn't want any more delays in Brexit.

-November: European lawmakers have warned that their meeting at the end of November will be the last in which the agreement on the future relationship can be signed … if the transition period ends at the end of 2020. That is, if there is an extension of the EU He could give his approval in later meetings.

-31 December: if there is no extension and the United Kingdom and the EU have reached an agreement, this day Brexit will be consummated. From that moment the agreed terms for the new relationship between the parties will come into force.

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