What is a no-deal Brexit, what’s the government’s latest advice and what would it mean for the UK?
THE chances of Britain entering a no-deal Brexit are looking increasingly likely as Theresa May’s draft gets slammed by both Brexiteers and Remainers alike.
But just what does a “No Deal” mean for the UK? We explain.
Theresa May has lost the backing of many Leavers and Remainers off the back of her draft deal agreed at ChequersGetty Images - Getty What is a no-deal Brexit?
A no-deal British departure from the European Union currently can mean a number of things.
In the current climate, it would mean no formal agreement had been reached by the UK and the EU during the negotiating phase which comes to an end on March 29, 2019.
The negotiations are taking place under Article 50 of the Lisbon Treaty.
The chances of a no-deal Brexit being in place by next year is now more likely than ever after a draft deal agreed by Theresa May’s Cabinet at Chequers last month looks likely to crumble.
Boris Johnson resigned as Foreign Secretary claiming the draft deal ‘sticks in the throat’London News Pictures But what does a no-deal mean for the UK?
A no-deal would mean scrapping a 21-month transitionary exit period on March 29, 2019, and the exit would be immediate.
An instant exit would, however, mean that the UK would have no legal obligations to pay a £39billion divorce bill to the EU, according to a House of Commons report.
While this would leave a gaping hole in the EU budget and sour relations, it would be a massive saving for the UK.
A no-deal would also see residency rights for EU nationals in the UK potentially disappear overnight.
Without any residency rights agreed beforehand, a no-deal would also affect UK nationals residing in the EU.
In theory, these people would become...
But just what does a “No Deal” mean for the UK? We explain.
Theresa May has lost the backing of many Leavers and Remainers off the back of her draft deal agreed at ChequersGetty Images - Getty What is a no-deal Brexit?
A no-deal British departure from the European Union currently can mean a number of things.
In the current climate, it would mean no formal agreement had been reached by the UK and the EU during the negotiating phase which comes to an end on March 29, 2019.
The negotiations are taking place under Article 50 of the Lisbon Treaty.
The chances of a no-deal Brexit being in place by next year is now more likely than ever after a draft deal agreed by Theresa May’s Cabinet at Chequers last month looks likely to crumble.
Boris Johnson resigned as Foreign Secretary claiming the draft deal ‘sticks in the throat’London News Pictures But what does a no-deal mean for the UK?
A no-deal would mean scrapping a 21-month transitionary exit period on March 29, 2019, and the exit would be immediate.
An instant exit would, however, mean that the UK would have no legal obligations to pay a £39billion divorce bill to the EU, according to a House of Commons report.
While this would leave a gaping hole in the EU budget and sour relations, it would be a massive saving for the UK.
A no-deal would also see residency rights for EU nationals in the UK potentially disappear overnight.
Without any residency rights agreed beforehand, a no-deal would also affect UK nationals residing in the EU.
In theory, these people would become...
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