There are less than 3 weeks left for the official date of Brexit to happen but the future of the United Kingdom’s relationship with EU stands at a crossroad. Though the withdrawal agreement by Theresa may was endorsed by the 27 EU nations, the UK parliament hugely rejected it. The House of Commons rejected it by a vote of 432 to 202.
Now this leads to a number of forms for Brexit to happen. Let’s see the different scenarios.
1. Theresa May’s Agreement.
Despite the huge rejection, Theresa May’s withdrawal agreement could still be one of the options for Brexit with certain amendments. May has been constantly seeking for a ‘bespoke’ deal tailored specifically for the UK.
2. No Deal
If the British parliament doesn’t come with an alternative in agreement with the EU27 the United Kingdom will leave the EU without a deal on March 29.This means that there would be transition periods and the individuals would have to adapt immediately with the new environment.
The divided opinion on the no deal options suggests that it may cause chaos amongst the financial markets, economy and devaluation of the pound. It can also lead the UK to save $39 billion “divorce bill” but this could be challenged by the EU in the courts.
3. The Canada model
In this possible scenarios The EU might conclude for a Canada style trade free agreement for Britain with the EU, removing tariffs from almost all imports and exports of goods.
4. The Norway model.
Norway has full access to the internal market for the trade of goods and labour because of the Economic European area. There are 31 countries in the European economic are including the EU Nations. So one possible option which is considered least damageable is of the ‘soft Brexit’ where Britain stays closely with the EU in the EEA like that of Norway.
5. Stay in The European Union.
UK can possibly choose to remain in the EU and function the way it used to do before. This can be done by revoking article 50 of the Treaty of European treaty or by a second referendum.
But this could only be done if The UK intends to do it with a plan to stay in EU and not just to postpone the date for brexit.