Brexit Bulletin, 25 January 2019

Jan 24, 2019

With 63 days to go until the UK leaves the EU, stalemate remains in the UK. The European Commission has stated that in the event of a no deal there will be a hard border on the island of Ireland.   EU chief negotiator Michel Barnier said in Brussels this week that there can be no further negotiation on the Withdrawal Agreement.  In the UK parliament, MPs are preparing to debate some proposed amendments to the Brexit bill in an attempt to move forward.

More voting

Following the failure of MPs to approve the Brexit withdrawal agreement, Labour MP Yvette Cooper and some other backbenchers put forward a proposal to delay Brexit in the event of the tweaked Brexit deal not being passed by the House of Commons by 26 February.  The proposal would allow MPs to vote on the case for extending the Article 50 process. Under EU law, the Article 50 process can only be extended if the other 27 Member States agree.

Other alternatives to move forward with Brexit have been proposed by MPs through a parliamentary tool known as an “amendment”.  And Yvette Cooper’s proposal is one of such amendments.  On 29 January, the UK parliament will discuss and vote on these amendments. Read more about the amendments proposed.

No further negotiations

EU chief negotiator Michel Barnier spoke in Brussels this week and said while there is no desire to have to use the backstop, there can be no further negotiation on the Withdrawal Agreement.

Revenue Chairman in front of Oireachtas committee

Revenue Chairman, Niall Cody appeared before the Joint Committee on Finance, Public Expenditure and Reform yesterday to talk about Revenue’s Brexit preparedness.  Commissioner Cody’s message to business has been “clear and consistent".  The Commissioner said "You need to undertake a Brexit impact assessment for your business; you need to identify the challenge or challenges of adapting your business processes; and you need to be ready to comply with the customs requirements that will arise from trading with the UK as a third country.”  You can read the Commissioner’s opening statement using this link.

Revenue guidance on Brexit

Revenue has added some more content to its Brexit web centre to include specific information on the customs implications for Irish traders trading with the UK.  

Institute’s Brexit guidance

Members are reminded that the Institute has published a series of Back to Brexit Basics  on our Brexit web-centre which will help you understand Brexit and its possible implications for you and your business.  The free customs guide Taking the Lead: Chartered Accountants and Brexit prepared by the Institute and ICAEW will also help business in the UK and Ireland get a grasp of customs obligations post Brexit. 

Brexit Bites

  • Sony and Dyson move headquarters out of the UK ahead of Brexit
  • Bombardier says it’s “imperative” a solution to the Brexit impasse is found
  • What Brexit means for the airline industry – explainer
  • Sterling rallies as traders bet on Brexit deal being reached

 Read all of our Brexit updates on the dedicated Brexit section of our website.