Julius Baer | Although the UK will most likely officially exit the EU tomorrow, this exit will mostly be formal. The withdrawal agreement only defines the terms of divorce, limiting immediate disruptions, but says little about the future trade relationship between the UK and EU. The so-called ‘Political Declaration’, a 26- page sketch of the future trade relationship alongside the with- drawal agreement, but not legally binding, defines a so-called ‘transition’ or ‘implementation’ period from the date of Brexit until the end of 2020.
UK economic growth
The next general election in the United Kingdom will take place in 2020. If the Article 50 notice is served in 2017, it is possible that the process of UK withdrawal from the European Union (EU) will not be concluded before the election. That might allow the UK electorate to take a second look at their decision on June 23 to leave the EU.