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Thursday, January 30th, 2020

EU Parliament Backs Brexit Deal, Clearing Way for U.K. Departure

Author:     Ian Wishart
Source:     Bloomberg
Publication Date:     January 30 2020, 4:37 AM
Link: EU Parliament Backs Brexit Deal, Clearing Way for U.K. Departure
Stephan:   The game is afoot, as Mr. Holmes said. Now we are going to find out what BREXIT really means, both to the U.K. and the world economy in general. Right now, unless something changes over the next year of the withdrawal negotiations, I believe it is going to be very negative, particularly for England, with consequences that will echo for years.

European Parliament
Credit: Bloomberg

The European Parliament approved Prime Minister Boris Johnson’s Brexit deal, clearing the way for the U.K. to leave the EU on Jan. 31 with an agreement that, for the time being, will avoid a chaotic rupture. Officials on both sides say the fight over the divorce deal was the easy part. Over the next 11 months, the U.K. and the European Union will argue over the terms of their future relationship, which could be even tougher than the negotiations that began after Britain voted to leave in June 2016.

The parliament’s backing in Brussels on Wednesday, a legal requirement for Britain to leave the EU with a deal, means the country will leave the bloc it joined in 1973 with an agreement over the terms of its divorce and a transition phase to soften the blow until the end of the year. While the parliament’s support was ultimately a formality — it voted in favor by 621 votes to 49 — it did have the power to veto […]

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