We still don’t know what kind of relationship the UK wants with Europe, though we understand that there is trade-off between autonomy and access to EU markets.
This has led to the talk of a ‘hard’ or ‘soft’ Brexit. Though somewhat misleading, these terms are used to distinguish between a much more detached relationship (‘hard Brexit’) and one that is closer to our current membership (‘soft Brexit’).
There are a number of ‘Brexit’ outcomes (see Figure 1), which represent a departure from the European Union. Each of these present different challenges and opportunities.
The question is, what does 'hard' or 'soft' Brexit look like and where do existing models of economic co-operation between the EU and non-member states fit?
Visualising ‘hard’ vs ‘soft’ Brexit
|‘Hard Brexit’||‘Soft Brexit’|
At this point, the situation is much more complicated than simply ‘hard’ or ‘soft’ Brexit. There appears to be an equal split in parliament between those who favour each option. Watch our video about beginning our departure from the EU and three things businesses can do to prepare now for Brexit.
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