Brexit Set To Happen Next Week, As UK Parliament Assents To Johnson's Withdrawal Bill

The United Kingdom's exit from the European Union is set to happen next week, as the country's parliament assented to the withdrawal agreement bill proposed by Prime Minister Boris Johnson on Wednesday.

Benzinga · 01/23/2020 09:51

The United Kingdom's exit from the European Union is set to happen next week, as the country's parliament assented to the withdrawal agreement bill proposed by Prime Minister Boris Johnson on Wednesday.

What Happened

The U.K.'s constitutional monarch Queen Elizabeth II will sign the bill to make it a law, the BBC reported.

The House of Lords had suggested changes to the bill but were all rejected by the House of Commons, where Johnson's Conservative and Unionist Party holds a controlling majority, according to the BBC.

Johnson had called for re-election in October after his proposed Brexit bill was rejected by the Parliament.

The former London mayor's party swept through the general elections in December, becoming the prime minister again, this time with a majority that made it certain that his bill will be passed.

The Brexit deadline was extended thrice by the E.U. officials as the U.K. parliament struggled to come to a consensus after the country voted to leave the bloc in a 2016 referendum.

What's Next

After the vote, Johnson said that the U.K. could now "move [forward] as one" and put "years of rancor and division behind it," the BBC noted.

The E.U. officials are expected the sign the withdrawal agreement in the coming days, and the members of the European Parliament will vote on it next week, according to the BBC.

After the U.K.'s exit from the bloc on January 31, there will be a transition period of 11 months, during which the representatives of the country and the E.U. would hope to strike new trade and other agreements.

Price Action

London's FTSE 100 index traded 0.51% lower at 7,571.92 at press time.

The pound sterling traded slightly higher at 0.7607 against the United States dollar.

Photo Credit: Public domain photo via Wikimedia.