UK government introduces Brexit bill to parliament

The British government introduced a bill on Thursday in Parliament on the withdrawal of the country from the European Union.

UK government introduces Brexit bill to parliament.
UK government introduces Brexit bill to parliament, 2019.

Voting on the Brexit bill is scheduled for December 20.

The bill includes a "divorce" deal with the EU scheduled for January 31, 2020. The document specifically mentions that the transition period, which should follow immediately after the Brexit date, will end on December 31, 2020 and cannot be extended. 

During this phase, when the UK and the EU will continue to exist as if Brexit did not exist, the parties intend to conclude an agreement on future trade relations. The vote on this bill is scheduled for December 20.

Based on the news that the transition period is limited to 11 months and doubts of some experts about the possibility of concluding a trade agreement in such a short time the British pound rate continued to fall. 

On Thursday, the rate fell by 0.2% against the dollar to $1.30 per pound. This is five cents less than last Friday, when the British currency took off after the confident victory of the ruling Conservative Party in the election. The pound fell by 0.3% against the euro to €1.17 per pound.

In late October, EU chief negotiator on Brexit Michel Barnier said that some aspects of future relations between London and Brussels should be agreed upon in two-three years, perhaps even longer. 

In this case, during the transition period, the UK, despite Brexit, will continue to pay contributions to the EU budget and other financial obligations, but will enjoy most of the benefits of a member of the community, while losing the right to vote in the EU.

On December 12, general elections were held in Great Britain, in which the ruling Conservative Party won a convincing victory: now its representatives in parliament outnumber all other parties. 

This means that not only can the government easily secure an agreement with the EU on the terms of UK's exit, but it can also conduct, in fact, any other political initiative.