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Brexit: Latest Update and VHR's Predictions

Posted by Paul Robinson on Jan 30, 2019 12:55:19 PM
Paul Robinson
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Following the 29th January votes in Britain’s Parliament regarding the UK’s European Union Withdrawal Agreement, VHR reveal our predictions for how Brexit could impact UK and European businesses in 2019.

 

Brexit: The Current Situation

On the 29th January 2019, Britain’s Parliament sat to debate and vote on a number of proposed amendments to the UK’s European Union Withdrawal Agreement:

1. Following the British Parliament’s vote to reject the EU Withdrawal Agreement (WA) on 15th January, Parliament sat again on the 29th January to debate and vote on a series proposed amendments presented by Members of Parliament.

2. The British Parliament voted to accept the (Sir Graham) Brady amendment of the WA, requiring the British Prime Minster to reopen negotiations with the EU regarding the Irish Backstop agreement. 

3. The British Parliament voted to accept the (Dame Caroline) Spelman amendment of the WA, which although non-binding on the Government, seeks to prevent the UK leaving the EU without a fully ratified Withdrawal Agreement, and thus preventing a ‘no-deal Brexit’.

 

VHR’s Brexit Predictions

 

VHR predict one of two Brexit outcomes in 2019:

 

UK EU Handshake Brexit Imagea) The EU and UK agree on a revised WA amending the Irish Backstop which is then subsequently ratified by the British Parliament. The UK will subsequently leave the EU on the 29thMarch 2019 and commence the 21-month transition period. The EU and UK trading relationships will remain unchanged during the transition period; or

b) The UK and EU do not agree on a revised WA amending the Irish Backstop. British Parliament then vote to request an extension to Article 50, which if accepted by the EU, would delay the UK’s departure for 9-12 months and allows additional time for negotiations. During the Article 50 extension, all EU and UK trading relationships remain unchanged.  

VHR predicts no material change to the UK-EU trading relationship for the remainder of 2019.

Regardless of any and all Brexit outcomes, VHR can continue to provide seamless recruitment services to businesses based across the UK, Europe and globally.

VHR is incorporated in the Czech Republic as Virtual Human Resources s.r.o., a fully compliant and fully regulated recruitment company based in Prague. VHR’s Czech company enables VHR to provide recruitment services to all our EU-based clients and full access to the EU staffing market. 

 

Get in touch to discuss your recruitment strategy following Brexit.

 

Find out more about VHR’s award-winning recruitment services