11 May 2022
When Britain left the EU, both sides agreed to a Trade and Cooperation Agreement (TCA) to govern their relationship. This covered issues like taxes on exports and imports, and fishing quotas. But the Trade and Cooperation Agreement is not set in stone. It is subject to renewal, revision or termination every 5 years. So in 2025 Boris Johnson’s current Brexit deal expires, and negotiations with the EU will reopen. That means, after the next election, a new government could decide UK's future relationship with the EU. The next two years are crucial. What happens between now and the 2025 negotiations will determine the UK’s credibility in the review process. In this PEF report, Peter Holmes shows why now is the time to plan and prepare for these negotiations. Brexit is settled as an issue in Britain, and in Europe. But the current deal is not fit for purpose. We have a mechanism to renegotiate. There is a chance for change. Now is the time to plan for repair.