We’re heading for a Singapore-style Brexit, no matter what Boris does

Reactions to the landslide victory of Boris Johnson have been rather positive on the other side of the Channel. German Chancellor Angela Merkel for example, stated: ‘To be honest, many are now happy to see a clear result. Boris must be recognised for having managed to convince lots of citizens. Chapeau.’

So what’s next?

First, the Withdrawal Agreement will be ratified by both the UK and the EU. The UK will then formally leave the EU at the end of January.

After that, the UK will enter the ‘transition’ stage, effectively outsourcing its trade policy and regulatory powers to Brussels until the end of 2020, in return for full and unrestricted market access. Nothing will change until then.

Meanwhile, negotiations on the future relationship will commence. There have been some statements and leaks on what the EU is willing to negotiate and how, but the bottom line is that the EU wants the UK to align as closely as possible, fearing that the UK would otherwise emerge as a ‘competitor’,