Recent developments in Parliament suggest that the possibility of a no-deal Brexit is a real one. The UK Government has been introducing legislation and temporary regimes on a unilateral basis to mitigate against the effects of a no-deal Brexit (click here for the most recent update on UK preparations). The UK Government’s and the EU27’s contingency planning is escalating as this note is being sent out – just before Christmas the European Commission published a number of new legislative initiatives, which may be found here.
In a whirlwind day that has implications for the Brexit process and the stability of the UK government, the Prime Minister’s leadership was indeed finally challenged culminating in a vote of all 317 Conservative Members of Parliament last night.
The U.S. Department of the Treasury and the Office of the U.S. Trade Representative announced on December 11, 2018 that they intend to sign a new Bilateral Agreement between the U.S. and the U.K. on Prudential Measures Regarding Insurance and Reinsurance (“Covered Agreement”).
Facing the prospect of certain defeat for the vote originally planned for today, the UK Prime Minister decided yesterday to defer the vote on the draft Withdrawal Agreement on the UK exit from the EU for an indefinite period.