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Brexit: Suppliers sit tight during uncertain times
There has been much debate around whether Theresa May’s withdrawal agreement will gain parliament’s backing and be enshrined in UK law in time for Brexit on 29 March 2019. The vote was supposed to take place this week, but was postponed amid concerns around the backstop arrangement resulting in a defeat. May has now gone back to Brussels to renegotiate the backstop terms after receiving a ‘vote of confidence’ in her leadership in parliament yesterday.
The impact on the energy markets should the UK leave the EU without an agreement in place has also received mixed views. According to a report released on Friday by the UK Energy Research Centre (UKERC), exiting the UK’s single market for electricity without a deal would undermine energy security, hit industry profitability and drive up costs. However some Brexit campaigners have argued a ‘no deal’ Brexit would help curb energy bills by allowing the UK to cut VAT on energy and scrap clean energy targets.
We have asked numerous energy suppliers what they predict will happen to the energy markets should the government face defeat, and the general consensus has been one of uncertainty. It seems that everyone is sitting tight to see what unfolds. With the Court of Justice of the EU recently advising that the UK may unilaterally revoke its notification under Article 50 of the Treaty of the European Union if the agreement is not approved, unilateral revocation of the Article 50 notice is now considered a genuine alternative to a “no deal” Brexit.
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