{"id":145610,"date":"2018-03-18T21:52:26","date_gmt":"2018-03-18T10:52:26","guid":{"rendered":"https:\/\/www.gomarketingteam.com\/auarticles\/time-ticking-brexit\/"},"modified":"2021-03-09T14:42:01","modified_gmt":"2021-03-09T03:42:01","slug":"time-ticking-brexit","status":"publish","type":"post","link":"https:\/\/www.gomarkets.com\/en\/articles\/geopolitical-events\/time-ticking-brexit\/","title":{"rendered":"Time Ticking for Brexit"},"content":{"rendered":"

Time Ticking for Brexit
\n<\/span><\/h1>\n

By Klavs Valters
\n<\/strong>
\nIn just over a year \u2013 on 29th<\/sup> March 2019 to be exact \u2013 Britain is scheduled to leave the European Union. It has been nearly a year since Theresa May triggered Article 50 and began the two-year process to negotiate an exit deal. As we know, the negotiations so far can\u2019t be classed as successful. Even though a breakthrough on the key issues of the deal (the Irish border, divorce bill, citizens\u2019 rights and the European Court of Justice) was made back in December last year, there hasn\u2019t been a great deal of clarity on how the relationship will look moving forward.
\nA No-Deal Scenario<\/strong>
\nA no deal would be bad news for both parties involved and could potentially cost \u00a358 billion a year, with Britain\u2019s financial sector taking the largest hit, according to a new research.
\nThe additional direct \u201cred-tape\u00a0cost\u201d of\u00a0tariff<\/a>\u00a0and\u00a0non-tariff barriers<\/a>\u00a0would be \u00a327 billion to UK firms and \u00a331 billion to their EU counterparts, a report from global management consulting firm \u00a0Oliver Wyman and law firm\u00a0Clifford Chance<\/a>\u00a0estimates. \u201cThese increased costs and uncertainty threaten to reduce profitability and pose\u00a0existential threats to some businesses<\/a>\u201d the report stated.
\nBritain\u2019s relationship with the EU would revert to\u00a0World Trade Organisation (WTO) rules<\/a>\u00a0if no deal is in place by the end of a transitional period. This is set to start after the official Brexit deadline in March 2019 \u2013 a scenario which both sides would like to avoid. Five sectors \u2013 finance, automotive, agriculture, food and drink, and consumer goods would bear 70% of the burden of additional costs resulting from this scenario, according to the report.
\nThe financial services industry would be hit the hardest and we are seeing some of the largest financial firms making plans of relocating their staff to other European Union countries. Last week, UBS and Goldman Sachs announced they had begun to transfer jobs to Frankfurt in preparation for Brexit. The Bank of England has also warned that around 10,000 jobs from the financial sector might leave by the end of next year because of Brexit.
\nFinancial Markets<\/strong>
\nGBP\/USD<\/strong>
\n\"\"
\nSource: Wixad MT4
\nAt the end of January, we saw the Pound strengthen to its highest level since the Brexit referendum was announced. Since then we have seen the Pound weaken slightly against the US Dollar and currently trading at around 1.38 level (as of 13\/3\/18).
\nEUR\/GBP<\/strong>
\n\"\"
\nSource: Wixad MT4
\nThere hasn\u2019t been too much movement against the Euro in recent months, however further developments in the talks will certainly have an impact moving forward. The Euro currently trading at around 0.88 level against the Pound (as of 13\/3\/18).
\nFTSE100<\/strong>
\n\"\"
\nSource: Wixad MT4
\nSince reaching its lowest level since the end of 2016 of around 6916, the FTSE100 has somewhat recovered the losses and currently trading at 7213 level (as of 13\/3\/18).
\nTheresa May has repeatedly said that she wants a \u201cstrong and special relationship\u201d and \u201cCanada style trade deal\u201d with the European Union and in every speech since the process began. This hasn\u2019t however \u00a0given the public much clarity or confidence in what will happen. With the exit date just around the corner, can the \u201cstrong and stable\u201d leader deliver the Brexit people of the UK voted for?<\/p>\n","protected":false},"excerpt":{"rendered":"

Time Ticking for Brexit By Klavs Valters In just over a year \u2013 on 29th March 2019 to be exact \u2013 Britain is scheduled to leave the European Union. It has been nearly a year since Theresa May triggered Article 50 and began the two-year process to negotiate an exit deal. As we know, the […]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4043],"tags":[],"class_list":["post-145610","post","type-post","status-publish","format-standard","hentry","category-geopolitical-events"],"acf":[],"yoast_head":"\nTime Ticking for Brexit - Wixad<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.gomarkets.com\/en\/articles\/geopolitical-events\/time-ticking-brexit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Time Ticking for Brexit - Wixad\" \/>\n<meta property=\"og:description\" content=\"Time Ticking for Brexit By Klavs Valters In just over a year \u2013 on 29th March 2019 to be exact \u2013 Britain is scheduled to leave the European Union. 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