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Thursday, 11 August 08:53 (GMT -05:00)

Business And Politics News

New Prime Minister Names Brexit Date

It seem that the new Prime Minister of the United Kingdom is really determined about everything related to the Brexit. The process is expected to start in later 2019. Boris Johnson's standpoint on the matter didn't come as a surprise to the international expert community, Market Leader reports. The thing is, he has been well-known for being an advocate ad big supporter of quitting the European Union in general, and doing so without a major agreement in particular, which is also known as the hard Brexit scenario. 
It's interesting to note that Boris Johnson used to be the Foreign Secretary in Theresa May's council of ministers and left his post because of the difference in their views only to return as a new Prime Minister. Not so long ago, he assured the international community that there would be no further delays in the initiating the Brexit process. It will be started on October 31st, 2019. This is the date when the United Kingdom will no longer be considered a member of the European Union. 
It seems that Boris Johnson has big political plans. First of all, he is planning the shuter his opponents - the Labour party - as he belongs to the opposing political party, which is the Conservative party. Secondly, he is planning to make the United Kingdom even more united.
For those of you who don't know, the UK came up with the idea to quit the EU for good in summer 2016, when the Brexit supporters won the Brexit referendum. Back then, 51,9% of the votes were cast for the Brexit. The EU regrets this decision but doesn't prevent the UK form fulfilling this decision.
In the meantime, the Brexit is very likely to end up with major economic and financial losses for the UK. Many foreign businesses have already been shutting down their facilities and offices and moving them to another European states. Now, that the final date is named, the process will only intensify. This will result in billions of pounds of direct and indirect losses for the British economy and financial system. At this point, the only thing that may reduce the consequences is a major agreement between the EU and the UK, but since the Prime Minister resists this agreement as much as he can, this is unlikely to happen. Simply put, the hard Brexit scenario is the least desirable one for both the EU and the UK but in this case the likelihood of the Brexit going the hard way is very high.
When it's over, the UK will become the first country ever leaving the European Union. At this point, the Eu includes 28 states, with a bunch of candidates waiting to join in - Montenegro , Albania, Serbia. Turkey is also on the list but experts say the likelihood of Turkey joining the EU is very low. Iceland used to be a candidate as well but then refused to join the EU because of some disagreement with Brussels regarding their mutual obligations.


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