What exactly does a no-deal Brexit mean?
UNITED KINGDOM — The United Kingdom is scheduled to leave the European Union at 11 p.m.
GMT on March 29, 2019, and if a formal agreement cannot be reached, then there could be serious consequences for Britain.
According to the Week, in a no-deal Brexit, all E.U.
Rules and regulations will instantly cease to apply in the U.K.
In this event, there would be no remaining agreements between London and Brussels on how to handle customs, trade, travel or citizens rights.
A no-deal Brexit would also mean the transition period for businesses and organizations to prepare for the changes from March 2019 to December 2020 would also be off the table.
According to I News, in terms of trade, the U.K. would revert back to World Trade Organization rules.
Britain would then be forced to pay the E.U.'s external tariffs.
Prices in the U.K. on E.U.
Imported goods would also go up due to tariffs.
Citizens rights for the 1.3 million Britons in the E.U.
And the 3.7 million Europeans in the U.K., in terms of the right to live and work, would be unclear.
Laws would be transferred over, while the U.K. would no longer have to adhere to rulings from the European Court of Justice.
The issue of the border between Northern Ireland and the Republic of Ireland would also remain unresolved.