What is ‘no deal’?

This could happen if the UK and the EU fail to come to an agreement on both phases of the Article 50 negotiations. The EU negotiates on the principle that “nothing is agreed until everything is agreed”, so ‘no deal’ remains a possibility until the entire negotiations are concluded. In practice, it would mean voiding all agreements reached so far, no transition period, and a so-called cliff-edge scenario in March 2019, when the Article 50 period concludes.

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