Is the UK set to leave the European Union on Thursday 31st October? With such massive uncertainty, broken promises and not knowing whether to believe what is being reported in the press.
MP’s trying to block a no-deal Brexit, and possibly a general election looming, emotions are running high, anything is possible.
Plus, the never-ending terminologies –
Brexit
Brexit is an abbreviation for “British exit,” referring to the U.K.’s decision in June 2016 referendum to withdraw from the EU, starting a two-year process.
The deadline has been extended twice and is currently set for 31st October 2019. Although an act of parliament will require the government to seek a third extension if no agreement is reached before 19th October.
Article 50
Article 50 of The Treaty on European Union sets out how each member state can leave the EU.
Backstop
Refers to the ‘Irish backstop’ an insurance policy in UK-EU negotiations.
The border that separates Northern Ireland and the Republic of Ireland is of great importance, security and diplomatic sensitivity.
Currently goods and services are traded between the two with very few restrictions. This is because UK and Ireland are part of the EU’s single market and customs union. So, goods do not need to be inspected for customs or standards.
Hard border
Because of Brexit, a physical border could be erected between Northern Ireland and the Republic of Ireland. This raises concerns about the future of the Good Friday Agreement, a peace deal signed in 1998 which helped to end the Northern Ireland Conflicts.
No-deal Brexit
If this was to take place, the UK would leave the European Union immediately with no agreement.
Meaning overnight the UK would leave the single market and the customs union. Under a no-deal, there would not be enough time to bring in a UK-EU trade deal. Initially Trade would have to be set by the World Trade Organisation.
If you do require further information or guidance you can always visit https://www.gov.uk/brexit
So, what’s this got to do with The Wage Shop?
Well one thing that is for certain with The Wage Shop, there is no confusion or misleading promises. It’s simple – we take care of all your PAYE needs. We even offer a payment advance service – just in case you want to get your hands on a new Blue British passport!