Brexpectations: 2018 Outlook For The UK And EU

Theresa May and company have just over a year left to finalize an exit agreement with the European Union. The next phase in the Brexit negotiations will center around trade rules and regulations. May has maintained that no deal is better than an unfair deal, so this may be another tedious process taking place in Brussels. Needless to say, citizens of the UK have many reasons to be optimistic and skeptical for 2018.

Trade Issues

The two sides have left the toughest talks for last: trade agreements. For a model, the EU and UK are studying the deal struck between the union and Canada. The European Union has been extremely happy with its current trade pact with Canada. The deal has positively impacted the economy with a flurry of activity. But of course, the UK will look for a bigger piece of the pie with its deal. Would the EU be willing to soften its stance on any of these regulations?

The Union has since called the Canada Comprehensive Economic Trade Agreement the standard for all future trade talks. Could it be possible for both sides to agree on limiting or even eliminating all trade barriers? Many UK businesses will lose EU passports, meaning trade becomes virtually impossible. This potential issue is one of the biggest reasons why many companies have already left the UK.

Wine Prices To Increase

Experts say the wine industry could profit the most from Brexit in 2018. Wine prices are expected to hike by 20% in the new calendar year. The increase will occur due to high trade costs that UK manufacturers will face in the wake of newly imposed EU regulations. Vineyards hope wine consumption will actually increase as the Brexit deadline approaches – drinking has been down for the past seven years. If negotiations continue to linger with little progress, UK citizens will surely seek some help in the liquid form.