Brexit update: What's next after Britain's Conservative victory?

Brexit | | MIC Customs Solutions |

With Boris Johnson once again at the helm, Britain is steering towards a more rapid EU exit.

The outcome of Britain's snap general election has now been decided, and it proved to be a landslide victory for Boris Johnson's Conservative Party and their 'get Brexit done' promise.

With Mr Johnson now set to continue as the nation's prime minister and Jeremy Corbyn's Labour Party suffering their worst defeat since the 1930s, what does this mean for Britain's divorce from the European Union? What has happened since last week's win to move the process along? Let's take a closer look at a tumultuous seven days of developments.

No more extended deadlines 

Mr Johnson has certainly wasted no time in showing voters he's going to step up to his promise to 'get Brexit done'. He has already revealed he plans to change the law to ensure there is no extension to the exit's transition phase past December 31st 2020.

"People have a high level of expectation and we have to deliver for them," he commented.

This came as a surprise to many and triggered a slump in the pound that erased the gains made following the election results.

Cabinet minister Michael Gove moved quickly to assuage these worries, telling BBC News in an interview that the next phase of negotiations will be concluded by the end of the transition period and the UK will avoid a no-deal scenario.

"We're going to make sure we get this deal done in time. We've seen before how deadlines can concentrate minds," he insisted.

He was in a similar mindset in a Sky News interview, commenting: "Quite a lot of the details that we need to negotiate [are] already laid out in the political declaration, so a lot of work has been done.

"There are areas where the EU's interests and the UK's interests are already closely aligned, so I'm confident that we will be able not just to leave the EU on January 31st but also to conclude all the details of a new relationship in short order."

EU members are less optimistic

However, director general for trade at the European Commission Sabine Weyand was far less optimistic, warning the bloc to prepare for a "cliff-edge situation" and pointing out that the Canadian agreement with the EU - the type of deal Mr Johnson appears to be aspiring to - took seven years to finish off.

Governor of the Bank of England Mark Carney, though, took a perhaps uncharacteristically positive stance by saying he thinks the possibility of a no-deal, disorderly Brexit has reduced thanks to the election result.

Meanwhile, EU leaders are reportedly considering requesting an extension to the transition period themselves as a way of averting the issue of having such a relatively short time to negotiate.

This would ensure the UK was kept under regulations set by Brussels past the 2020 deadline.

What's next?

As it stands, Britain will leave the EU on January 31st 2020 as long as the necessary bill to do so is passed.

At this point, the transition phase will kick in and although the UK will remain in the customs union and the single market, the government will lose its voting rights in the bloc's institutions.

Unless the EU itself requests an extension, the British government will then have until December 31st 2020 to negotiate a free trade agreement before World Trade Organisation terms begin to apply to the trading relationship.

However, as we have seen so far in this lengthy divorce, anything could happen between now and then.