LONDON, April 8, 2019 – Commenting on the latest Brexit developments, Baker Botts’ Brussels Partner, Matthew Levitt, advises businesses that the likelihood of a ‘no deal’ hard Brexit remains critical despite another Article 50 extension request by the UK.
With a number of Brexit scenarios playing out, businesses should still plan for Friday April 12 when the UK could crash out the EU with no deal. The impact for businesses is significant, according to a recent Baker Botts Brexit Webinar.
- "For companies doing business and deals with the UK, the risk in anticipating what is next for Brexit has deepened further.
- Those uncertainties have been underscored by the position of the EU, which has reiterated that unless the UK can approve the deal agreed with it by Friday 12 April, it will leave without a deal or need to seek a long delay.
- The EU is not prepared to allow another short extension,” said Matthew Levitt, a Brussels-based Competition Partner.
Despite cross-party talks between the Government and the Labour Party to avoid a hard ‘no deal’ Brexit and the Prime Minister’s aim of enabling Brexit to occur without the UK needing to participate in the EU Parliament elections, there remain too many scenarios at play that can still prevent a version of Brexit being agreed on, according to Mr. Levitt.
“With the UK Prime Minister’s latest appeal for a further Article 50 extension to 30 June and the EU leaning towards a year-long extension to the UK’s Withdrawal, it is too risky for businesses to just wait and see what happens. The fact remains that a ‘no deal’ hard Brexit has become the ever more likely outcome,” cautioned Mr. Levitt.
If you would like to schedule media interviews to discuss the latest developments on Brexit and its implications, please contact Adam Leviton: [email protected]
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