https://www.theguardian.com/politics/2016/nov/01/liam-fox-pre-brexit-deal-setback-european-union
If I understand correctly, the UK will have to negotiate in the next two years how much we have to pay to get out. When that is agreed by QMV, we are out and become an WTO member as far as the EU is concerned. After we are out, we can start negotiating any future relationship with the EU (Single Market, EEA or customs union) and this deal is done like CETA, to be approved by 27 countries plus EU parliament.
There is no guarantee if a transitional period can be negotiated. It seems at the moment that the EU wants us out more than we do.
After 2019, we may have to be under WTO regime for a few years before joining customs union or Single Market. The opposition is correct in saying that deals with industries like Nissan will cost a lot of money.
No wonder Mr Carney does not want to hang around after June 2019.
Trex.....if the sequence is as you describe,no PM surely can take us into the 2 year financial suicide,without parliament agreement.
Its starting to hit home what a risk we are about to enter into by triggering Article 50,we are in an unreal period that looks good because the weak pound is making our EU exports attractive but soon that weak pound will make our imports unbelievably expensive and the advantage will be negated.
I have already stopped buying some products because the resultant selling price is just not competitive both in the UK and EU.
I read that the new Ford engine plant is considering reducing its investment because of concern that the cost of 'make-up' import components will be too expensive for the plant to be long term viable,export tariffs would render the plant pointless.
Theresa May seems to be in a bubble that insulates her and Fox from what is happening to our country both in terms of social divide and economic upheavel,she is either brilliant at bluffing or out of her depth,I hope it is the former,this is not a time to have a clueless PM.
Its all really bad timing for those who are about to experience the reducing benefits cap,the rising of essential foods,energy costs,fuel against a maximum benefit is going to make it impossible to afford all outgoings,food banks are going to be very busy,did these people vote leave?
KudosDave