For those following the Brexit news; this week those campaigning for a Second Referendum to keep the UK within the EU received boost as Jeremy Corbyn committed his party to supporting a fresh referendum.
This is pertinent to the financial sector as after Brexit, the trade relationship between the UK and the EU will not be the same after the implementation period. Financial services is one of the UK’s biggest exports to the world, representing almost 10% of the UK’s total exports.
If a no deal goes ahead, the UK intends to introduce a Temporary Permissions Regime, allowing financial firms to use their existing pass porting rights to serve the UK market for up to three years after the exit.
Even though Corbyn is believed to personally be in favour to leave the EU, he campaigned for the Remain party during the 2016 referendum. It is thought that Mr Corbyn’s personal opinions about staying in the EU has held the party back from supporting the Second Referendum.The breakaway of 8 MP’s from Labour creating the Independent Group with rebellious Remain –backing Conservatives is credited to be one of the reasons Corbyn has backed and moved on the Second Referendum as a form of damage control. With this being said, as there is no majority in Parliament for a Second Referendum currently, so it is unlikely Corbyn will be able to deliver on a new public vote.
With the Meaningful Vote now scheduled for the 12th March, Prime Minister Theresa May has offered MP’s the opportunity to extend Article 50 for limited time, should the Withdraw Deal be voted down. This shows an considerable shift from “No deal is better than a bad deal”
Parliament has been quick to hold the PM to her word and voted through the Cooper Amendment, which was designed to guarantee Parliamentary time to vote on extending Article 50 to avoid a Hard Brexit on March 31st.
With the EU settlement scheme opening from the 30th March 2019, should the UK leave the EU without a deal the deadline date for EU citizens to apply for the ‘EU settlement scheme’ will change from 30th June 2021 to 31st December 2020.
The Home Office have already received 150,000 applications so far during the public test phase, 75% of applicants whose case had been decided received their decision within three days and 80% of those who provided feedback found the online application easy to complete.
People who have paid an application fee during the test phases will receive a refund after 30 March 2019. An email will be sent to the contact address provided in the application, confirming when the refund has been processed.
To apply to the EU Settlement Scheme, applicants will only need to prove their identity, demonstrate their UK residence, and declare any criminal convictions.
Our dedicated team at ePayMe are on hand to assist with any questions on how the changes will affect your right to work checks going forward as an agency and to assist with contractors who need assistance with the EU settlement process.
If you are in the process of reviewing your PSL, why not contact us to discuss our ‘personal touch’ services with our recent APSCo, CIPP and Professional Passport accreditations we have you covered.