Brexit’s Cliff Edge Is Like ‘No Deal’ All Over Again

The threat of an acrimonious rupture between the U.K. and Europe remains very real. While Britain agreed on an orderly departure from the European Union on Jan. 31, 2020, the second stage of the divorce hinges on forging a much wider agreement encompassing trade, security cooperation and fisheries. If an accord isn’t reached by Dec. 31, the risk that the split could turn chaotic intensifies.

Yes. After Britain refused to seek an extension to the 11-month transition period, the country is set to complete its separation from the EU at the end of 2020. The bloc’s chief negotiator, Michel Barnier, and his British counterpart, David Frost, have been locked in talks since March to secure a trade deal and deadlines for an agreement have come and gone. EU leaders, who have been focused on the coronavirus, have become more involved -- something that may be a double-edged sword for U.K. Prime Minister Boris Johnson. If the U.K. and EU come within touching distance of an accord, they could sign an outline agreement and set an implementation period -- a delay in all but name -- to work out details.