What will happen if Theresa May's Brexit deal passes?

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Published on November 19, 2018 - Duration: 01:14s

What will happen if Theresa May's Brexit deal passes?

If Theresa May's Brexit deal passes into law, what will it mean for the United Kingdom?

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What will happen if Theresa May's Brexit deal passes?

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RESTRICTIONS: Broadcast: NO USE JAPAN, NO USE TAIWAN Digital: NO USE JAPAN, NO USE TAIWAN If Theresa May's Brexit deal passes into law, what will it mean for the United Kingdom?

The Brexit deal consists of two documents.

The first is a 585-page agreement ending Britain's relationship with Europe, while the second is a seven-page outline describing the future relationship, according to the Guardian.

The transition period would begin on March 29, 2019 and end on December 31, 2020.

During this time the U.K. would have to follow all E.U.

Rules, but would not have membership in its institutions, according to the BBC.

The withdrawal agreement would allow for the transition to be extended only once for a limited period, but would require both the U.K. and E.U.

To agree for an extension before July 1, 2020.

The Brexit draft also includes the calculations for how much the U.K. would need to pay the E.U.

To settle all of its obligations.

U.K. citizens in the E.U.

And E.U.

Citizens in the U.K. will keep their residency and social security rights after the withdrawal.

If by the end of 2020, no long-term trade deal is agreed upon, and if there is no transition period extension, then a backstop of "a single customs territory between the Union and the United Kingdom" would take effect.

In a backstop setting, the U.K. is subject to "level playing field conditions" to prevent it from gaining a competitive advantage while in the same customs territory.

To exit the backstop it would require bilateral agreement between the U.K. and the E.U.

RUNDOWN SHOWS: 1.

Transition period and one time extension 2.

UK paying EU, EU 3.

Backstop between UK and EU 4.

UK is subject to level playing field conditions in backstop setting VOICEOVER (in English): "Under Theresa May's Brexit deal the transition period would begin on March 29, 2019 and end on December 31, 2020.

During this period the U.K. must follow all E.U.

Rules, but would not have membership in its institutions." "The withdrawal agreement would allow for the transition to be extended only once for a limited period, but would require both the U.K. and E.U.

To agree for an extension before July 1, 2020." "The Brexit draft also includes the calculations for how much the U.K. would need to pay the E.U.

To settle all of its obligations." "U.K. citizens in the E.U.

And E.U.

Citizens in the U.K. will keep their residency and social security rights after the withdrawal." "If by the end of 2020, no long-term trade deal is agreed upon, and if there is no transition period extension, then a backstop of "a single customs territory between the Union and the United Kingdom" would take effect." "In a backstop setting, the U.K. is subject to "level playing field conditions" to prevent it from gaining a competitive advantage while in the same customs territory." "To exit the backstop it would require bilateral agreement between the U.K. and the E.U." SOURCES: BBC, The Guardian https://www.bbc.com/news/uk-46237012 https://www.theguardian.com/politics/2018/nov/15/what-happens-next-if-theresa-may-brexit-deal-passes *** For story suggestions please contact tips@nextanimation.com.tw For technical and editorial support, please contact: Asia: +61 2 93 73 1841 Europe: +44 20 7542 7599 Americas and Latam: +1 800 738 8377

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