05.10.2022

The Parliament of Britain approved the plan for exit from the EU

Theresa May is forced to make concessions to Brexit opponents in her own party. The lower house of the British parliament approved the EU exit plan with the smallest margin. The lower house of the British parliament on Tuesday, June 12, adopted the plan for the country’s exit from the EU with 324 votes to 298. Thus, British Prime Minister Theresa May gained support, but she was forced to make concessions to opponents of Brexit in the ranks of the Conservative Party, which she represents. As a result, parliament will gain more control over the UK exit from the EU. While some British politicians would like to maintain close ties with Brussels, others insist on keeping the country as far away from the EU as possible.

For Teresa May, the results of the current vote are pretty encouraging. The head of the British government is under tremendous pressure from different angles. After the unsuccessful parliamentary elections in 2017, following which May intended to achieve an impressive advantage for the Brexit negotiations, the conservatives have a minimal majority in the House of Representatives.

The transition period during which London and Brussels have to agree on a future partnership will begin after the UK officially leaves the EU in March 2019 and will take 21 months. During this time, the British side will not be able to participate in decision-making, but will continue to comply with EU rules, make contributions to its budget and recognize decisions of the EU court. In addition, London will remain a member of the pan-European market and the customs union.

After a two-year pause, PIK Group will delight its shareholders

The UK trade deficit narrowed in February more than projected. This was facilitated by a drop in imports, as official data confirm.

The Office of National Statistics (ONS) said the trade deficit narrowed to £ 9.1 billion from $ 9.4 billion in January. Economists had expected a deficit of 9.2 billion.

In February, imports fell 2.2% to 32.6 billion pounds, which helped offset a 1.6% drop in exports to 23.5 billion, the lowest level of exports since November 2010.

The UK trade deficit is the difference between the value of goods that a country exports and the price of imported goods.

According to ONS, imports of aircraft and components fell in February by 46.3%, which led to a drop in imports by three quarters. Imports are also at their lowest level since April 2011.

Britain’s deficit in trade with non-EU countries fell to 2.9 billion pounds from January 3.9 billion pounds.

House of Lords upholds parliamentary veto over Brexit agreement

The Upper House of the British Parliament voted in favor of Parliament’s right to veto the London-Brussels agreement on Britain’s withdrawal from the EU. As a result of the vote, 354 deputies voted in favor of the amendment, and another 235 opposed it.

Following the decision of the House of Lords, the amendment was sent to the lower house of the British Parliament. Its discussion in the House of Commons will take place on June 20. In turn, British Prime Minister Theresa May opposes giving the parliament a veto.

Transition period after Brexit

The UK will officially withdraw from the European Union in March 2019. After that, a transitional period will operate between London and Brussels for 21 months, during which the UK and the EU will agree on a future partnership.

During this time, the British side will not be able to participate in decision-making, but will continue to comply with the rules of the European Union, make contributions to its budget and recognize the decisions of the EU court. In addition, London will remain a member of the pan-European market and the customs union.

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