Theresa May offers vote on second Brexit referendum

Theresa May offers vote on second Brexit referendum

This last minute final offer by the PM is unfortunately too little, too late for MPs on both sides of the Brexit debate. The 4th Meaningless Vote will probably be lost by a bigger margin than the last attempt. Almost 3 years after the Brexit Referendum, the City is no clearer on what to expect post Brexit. The Financial Services industry has been left to the bottom of the list where passporting is not even being raised as a topic for discussion.

So lets remind ourselves of where we are. Following the delay in Article 50 end date by 6 months, we remain within the EU until October 31, 2019 so no change in passporting. After that date, we will either have a hard Brexit, if the Withdrawal Agreement is not approved, or negotiate another extension of Article 50. If the Withdrawal Agreement is somehow approved before then, we will benefit from the Implementation Period which ends on December 31, 2020 regardless of delays to Article 50. This time window is meant for the Trade Agreement when we can finally discuss post Brexit arrangements for the City. Given the continuing political uncertainties, this window is getting shorter with significant risks of not reaching this agreement before that date. By then, it may be too late to undo the damage caused to the City!

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Ayaz Siddiqui, 22nd May 2019

GRT Consulting

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