I. OVERVIEW
What has just happened?
On the 24 July 2019, Boris Johnson became Prime Minster ("PM") of the United Kingdom ("UK"). Mr Johnson has said that if a withdrawal agreement is not concluded between the UK and the European Union ("EU") by 31 October 2019, the UK will leave the EU without a deal. Many people believe it is unlikely that a deal will be concluded by 31 October 2019.
What is a "no-deal" Brexit?
In this update, the term "no-deal Brexit" means a Brexit (i.e. the UK's exit from the EU) where there is no further agreement between the EU and the UK about the terms of the UK's departure. There would be no "mini" deals, transition period or an agreed continuation of the status quo. As a result, the UK and EU would fall back on the current default legal position.
What might the impact be?
The potential consequences of a no deal Brexit are discussed in more detail in this update. In very broad terms, the UK would cease to be part of the EU and would no longer be part of the European Single Market. The EU Single Market (sometimes called the Internal Market or Common Market) promotes the freedom of movement of goods, labour, capital and services. It covers all of the EU Member States and has been extended, with exceptions, to Iceland, Liechtenstein and Norway through the agreement on the European Economic Area (the "EEA"), and to Switzerland through bilateral treaties.
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Mayer Brown is a global services provider comprising associated legal practices that are separate entities, including Mayer Brown LLP (Illinois, USA), Mayer Brown International LLP (England & Wales), Mayer Brown (a Hong Kong partnership) and Tauil & Chequer Advogados (a Brazilian law partnership) and non-legal service providers, which provide consultancy services (collectively, the “Mayer Brown Practices”). The Mayer Brown Practices are established in various jurisdictions and may be a legal person or a partnership. PK Wong & Nair LLC (“PKWN”) is the constituent Singapore law practice of our licensed joint law venture in Singapore, Mayer Brown PK Wong & Nair Pte. Ltd. Details of the individual Mayer Brown Practices and PKWN can be found in the Legal Notices section of our website. “Mayer Brown” and the Mayer Brown logo are the trademarks of Mayer Brown.
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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.
