MoneyU.K. Signs Post-Brexit Trade Continuity Deal With Switzerland

According to the BBC, the EU - a political and economic union of 28 countries - has grown into a “single market” in which member states are treated like they are part of a single country. The official currency, the euro, is used by 19 member nations. The EU also has its own parliament, which rules on a variety of sectors, like environment, transport, consumer rights and communications.

There are several reasons why the U.K. wants to leave the EU. The more important of these have to do with trade, finance and border control.

As far as the first two are concerned, according to Full Fact, an independent fact-checking organization based in London, England, after rebates and expenditure on public spending, the U.K. paid the EU approximately £9 billion in 2017. Brexiteers (people campaigning to leave the EU) believe this amount can be put to better use within their country. They also believe the U.K. can strike more favorable trade deals outside of the EU’s control. The third issue – border control – revolves around the EU’s free movement policy. Brexit supporters want stricter control over immigration.

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Sign up to our Brexit weekly briefing. Benn added: “Should negotiations on a ‘deep and special partnership’ not prove successful, we consider that Efta/EEA membership remains an alternative which would have the advantage of continuity of access for UK services and could also be negotiated

Norway, Switzerland , Canada or Singapore? What approach should the UK take to trade deals with the EU and others, once it leaves the European bloc? But which of the other models discussed as potential post - Brexit options for the UK are realistic? Read more

On June 23, 2016, a referendum took place to see whether U.K. citizens (of voting age) wished to exit the EU. Over 30 million people (71.8 percent turnout) voted and the results were 51.9 percent in favor of Brexit.

Country-wise, there were disparities in voting. While the majority of England (53.4 percent) and Wales (52.5 percent) voted for Brexit, Scotland (62 percent) and Northern Ireland (55.8 percent) wanted to remain in the EU.

The official date and time of Brexit is set at 11 pm BST on March 29, 2019.

Since the Brexit vote in 2016, the U.K. and the EU have held extensive (and sometimes testy) negotiations over the terms of the former's exit. The range of issues that have been, and continue to be, discussed include (but are not limited to) the amount of money owed to the EU, the future of the Northern Ireland border and the status of U.K. and EU citizens living in the other's territories.

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Foraus argues that post - Brexit , the UK will lose access to the EU’s 45 preferential trade agreements with countries and regional groupings all around the Foraus argues UK membership of Efta would at least give the UK swift access to the free trade deals that Efta has signed . Efta has, for instance

LONDON (Reuters) - Transport minister Chris Grayling will sign an agreement with Switzerland on Monday to ensure air services continue to operate between the two countries after Brexit . Britain is due to leave the European Union in March next year, but uncertainty over how, or even if, Brexit will

It is important to note these discussions, by and large, have dealt with details of the U.K.'s exit and not with relations with the EU after the exit.

In November 2018, EU leaders approved a deal that endorsed two key documents – a Withdrawal Agreement and the Political Declaration on the Future of EU-U.K. relations. Key points in the former include money owed to the EU (set at a reported £39 billion), avoiding a "hard" border between Northern Ireland and the Republic of Ireland, and rights of EU and U.K. citizens.

The deal was tabled before Parliament on Jan. 15, 2019, where it was resoundingly rejected; it was scheduled to be voted on in December 2018, but it was delayed to, ironically, win more support in the interim period. Following the defeat, Labour’s Jeremy Corbyn initiated a vote of no-confidence in the government which, if the ruling party loses, could trigger a general election.

Other options include leaving the EU without a deal or holding a second referendum to ask U.K. citizens if they still wish to go through with Brexit. A less likely option is returning to the negotiating table with the EU.

The U.K. and the EU had, earlier, agreed on a 21-month transition period between the date of Brexit (should it go through) and the enforcement of any changes. In other words, if a withdrawal deal is agreed, there are unlikely to be significant changes between March 29, 2019 and Dec. 30, 2020.

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Sign in. UK Edition. The Swiss government's statement, which says it wants to both roll-over the existing deal and expand its relationship with the UK , was a SWITZERLAND handed Theresa May a Brexit boost yesterday by announcing it wants to strike a bigger trade deal with the UK after we leave.

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However, just how productive those talks will be remains to be seen and will, likely, also depend on how amicably the two sides resolve differences over the current agreement.

(Pictured) May looks on as European Commission President Jean-Claude Juncker speaks during a press conference in December 2017.

During this period, both sides are committed to maintaining, so far as is possible, current rules and regulations. This is designed to allow governments, businesses and investors time to understand the new rules and plan accordingly. The U.K. will be able to make its own trade deals in this time. However, such deals will only come into effect after the period is over.