Brexit Update – Brexit Withdrawal Agreement Bill
On 14th May 2019, Downing Street announced that the Brexit Withdrawal Agreement Bill (WAB) will be brought for voting before UK MPs in the first week of June 2019. It looks likely that PM May will struggle to secure the requisite number of votes to pass the WAB given cross-party Brexit talks between Labour and the Tories now widely expected to fail. If the WAB were to be defeated at Second Reading it would not be able to be reintroduced in the current session of Parliament, in effect ending PM May’s hopes of securing Brexit. She would then be under intense pressure to resign, triggering a Tory leadership contest during June-September 2019.
For Indian companies in the UK, this entails continuation of the general environment of uncertainty for businesses. That said, core policy issues for us, e.g. immigration policy regime, data security regimes remain unchanged. A Conservative Party Leadership contest as well as UK General Elections look likely, which might mean a new PM taking over from Theresa May in seeing the UK through Brexit.
Attached a summary of the developments, including key upcoming dates and milestones.