There is an agreement between Great Britain and the European Union. Brexit will not be hard

When it seemed that talks over a trade deal between the European Union and the United Kingdom would be severed, there was an unexpected consensus on Christmas Eve. A 2000-page trade deal has been agreed and will take effect after Brexit. 

This is undoubtedly another great success of the British Prime Minister, Boris Johnson, who, as usual, took his way and set the tone for negotiations. 

“Everything that we promised the British in the referendum in 2016, as well as in last year's elections, was achieved thanks to this agreement. We regain control of our money, our borders, domestic law, international trade and our fisheries " - stated in a statement by the British government.

And it's hard to disagree with it, because under the agreement, the United Kingdom no longer has to comply with European Union regulations or be subject to its courts. From January 1, 2021, the country will be fully independent politically and economically. This is the result of tough negotiations by the Prime Minister of Great Britain, who proved not for the first time that, at a time when everyone is thinking about squandering last-chance talks by blunt and often rude comments from Boris Johnson, he is simply deadly effective.

“Of course, the arguments were harsh at times, but I believe that it is a good deal for the whole of Europe. In my opinion, it will not be bad if the European Union has at its door a prospering, dynamic and self-satisfied Great Britain " - Boris Johnson concluded the negotiations shortly after the announcement of the conclusion of the agreement with the EU.

A five-year transition period

One of the biggest bones of contention was the fishing quotas in what will be British from the new year. Here Great Britain made some concessions.

“We will be an independent coastal state with full control over our waters and the British share of the fisheries in our waters will increase significantly. From around half of today to nearly two-thirds in 5,5 years. Although we wanted this period to be less: three years, we ended the talks with five years. I think this is a reasonable transition period " - concluded Boris Johnson dressed in a fish tie.

Everyone is happy. Except for Scotland

Even the British opposition, which has already announced that it will support it, agrees with the agreement. The Labor Party recognizes that this is not a perfect agreement, but will accept it, so that the country would not have to deal with unforeseen economic troubles, if there was no agreement at all. However, Scotland does not like it at all, which is increasingly talking about independence. Fighting for it (political, not military, of course) could be the first step to… joining the European Union. Most of the Scots were against leaving the European community in the referendum, and now they want to return to it even more, because they can already see how much they lost in Brexit.  

GBP / USD chart, H1 interval. Source: xNUMX XTB.

The United Kingdom officially ceased to be a member of the European Union on January 31, 2020. However, talks about a trade and rights agreement were ongoing throughout, and there was a transition period that ends on December 31, 2020. Until then, the 2000-page agreement has to be ratified, but that seems only a formality. The EU leaders are also satisfied with its shape.

“- European unity and it has definitely paid off. An agreement with Great Britain is essential to protect our citizens, our fishermen, our producers. We will make sure that it is so. Europe is moving forward and can look to the future, united, sovereign and strong " - French President Emmanuel Macron wrote on Twitter.

British brokers and Brexit

At the moment, sources do not report any particulars regarding the offering of financial services by British institutions to the citizens of the European Union. The agreement is a great hope for no problems. UK brokers are very popular in the EU, incl. in Poland. The activities of the British regulator are extremely well rated by the investment community, and a 100% deposit guarantee up to the amount of GBP 85 (the equivalent of approx. PLN 000) provides most of them with a satisfactory level of comfort and safety.

In connection with Brexit Financial Conduct Authority (FCA) imposed an information order on brokers about current information on the situation of their clients from outside the UK. More information has been sent out in recent days, and interestingly, the content varies from broker to broker, which shows how unclear the situation is. Below we present brief information from selected brokers from Great Britain - this is information posted out Przed providing information about the conclusion of the Brexit agreement, therefore the announcements may change after the holiday season.

Tickmill UK

Group Tickmill announced that everything remains unchanged - accounts under FCA regulations will continue to be serviced, and customers will be able to open new accounts upon accepting the fact that they will use the services of a company registered outside the EU.

Admiral Markets

The company said that those with an FCA regulated account can continue trading unchanged. However, it will be impossible to open a new account under British jurisdiction.

LMAX Exchange

The broker has notified that "May not be able to offer its services in Poland after December 31, 2020". He also offered to transfer the account to Conotoxia, a broker to which the Cinkciarz.pl brand belongs. It should be noted, however, that "it may not be able" does not mean that such a situation will occur for sure.