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Brexit timeline

Date Milestone Detail
7 May, 2015 Conservative Mandate In the general election, David Cameron wins a 12-seat majority with a manifesto that includes the commitment to hold an in/out referendum on the UK’s membership of the European Union.
23 June, 2016 The Referendum The referendum sees Leave campaigners win a narrow victory with 51.9% against and 48.1% for Remain. Mr Cameron resigns immediately as Prime Minister.
13 July, 2016 New PM Theresa May becomes Prime Minister.
17 January, 2017 Lancaster House Speech

The PM gives her first speech setting out the type of Brexit deal she will be pursuing when formal negotiations begin. The key points covered in the speech included:

  • UK Law
  • The common travel area
  • Immigration
  • Rights for EU nationals
  • Worker’s Rights
  • Free trade
  • Security
29 March, 2017 Article 50 The PM triggers Article 50 which starts the clock on the process of the UK leaving the EU.
8 June, 2017 Snap Election Having surprised many by calling a general election, the PM loses her majority in Parliament. Northern Ireland's DUP - led by Arlene Foster - makes a deal with the Conservatives and its votes allow the PM to stay in power.
26 June, 2017 Negotiations Begin Formal negotiations on withdrawal begin between the UK and the EU.
22 September, 2017 Florence Speech

In an effort to break a deadlock in the negotiations, the PM set out the UK's position on how to move Brexit talks forward on the following key areas:

  • Transition period
  • Joint security
  • A Divorce bill
  • Leaving the single market
  • Citizen’s rights
  • Northern Ireland border
13 December, 2017 Westminster Rebellion Rebel Tory MPs side with the Opposition, forcing the government to guarantee a vote on the final Brexit deal, when it has been struck with Brussels.
15 December, 2017 Negotiations Phase 2 The EU agrees to move on to the second phase of negotiations after an agreement is reached on the Brexit “divorce bill”, Irish border and EU citizens’ rights.
2 March, 2018 Mansion House Speech

The PM gives a third speech outlining her plans for the next phase of negotiations. Topics included:

  • Free trade agreement
  • The five "tests" for the negotiations.
  • Labour mobility
  • Mutual recognition
  • The Northern Ireland Border
  • That ‘no deal’ is better than a bad deal.
19 March, 2018 Negotiations Progress The UK and EU make decisive steps in negotiations. Agreements include dates for a transitional period after Brexit day, the status of EU citizens in the UK before and after that time and fishing policy. Issues still to be sorted out include the Northern Ireland border.
6 July, 2018 Chequers Statement

The Government forms a final list of demands from the EU at a ‘Cabinet Away Day’, attempting to reach a general consensus on the content of the Brexit legislation, and how the final round of negotiations will progress. It covered:

  • The Brexit departure date
  • The end of Free movement
  • Post-Brexit financial contributions
  • A new customs regime
  • A common rulebook for goods
  • The status of EU law

Preparation for a ‘no deal Brexit’

12 July, 2018 White Paper Published The Government published its Brexit White Paper, outlining the Government's approach to managing the country's withdrawal from the EU.
15 November, 2018 The Clock Runs Out Theresa May presented the deal to Parliament. 
25 November, 2018 EU Summit EU Leaders agree to the Prime Ministers Brexit deal. 

14 January, 2019

Vote The Government was defeated in a 'meaningful vote' on the Withdrawal Agreement 
12 March, 2019 Second Vote The Government held its second 'meaningful vote' on the Withdrawal agreement which was defeated.
21 March, 2019 Extension The Prime Minister secured a short extension to Article 50 to delay Brexit until 12 April. The EU has said that agreement on a further extension of Article 50 to the end of May would be possible, but only if the UK approves a withdrawal agreement before 12 April.
10 April  2019 Second Extension

The Prime Minister and EU leaders agreed to a flexible extension of Article 50 until 31 October 2019. The UK has until this date to agree and pass a withdrawal deal.

23 - 26 May, 2019 European Elections The UK participates in European Elections, selecting 73 MEPs in 12 multi-member regional constituencies.
24 May, 2019 Theresa May resigns  Theresa May declares that she will step down as Prime Minister on 7 June 2019. The Conservative Party will select a new leader and Prime Minister. The new Government will take the lead in delivering Brexit. 
24 July 2019 Boris Johnson confirmed as new Prime Minister Boris Johnson succeeds Theresa May as the UK's 55th Prime Minister
17 October 2019 EU Summit The final scheduled summit of EU leadersbefore the October 31 deadline begins in Brussels. The Prime Minister announces that a revised deal has been struck.
19 October 2019 Benn Act Deadline

In accordance with the terms of the Benn Act, the PM asked the EU for a further extension of its departure date, as a deal had not been approved by Parliament, and Parliament did not consent to the UK leaving with no-deal. 

22 October 2019 MPs Vote on the Withdrawal Agreement

The Withdrawal Agreement Bill passes its second stage reading in the House of Commons, but failed to pass its program motion, ensuring that the UK's departure on the 31 October would be delayed, with the EU’s agreement. 

28 October 2019 EU Agrees to Extension

The European Union agreed to grant the U.K. up to three more months to finalise its departure. Brexit will take place on the first day of the month following the ratification of the Withdrawal Agreement, “or on 1 February 2020, whichever is the earliest.”

1 December 2019 First Possible Departure Date According to the terms of the extension of Article 50, the UK can leave the EU on this date if the House of Commons and the European Parliament ratify the exit deal before this date.
12 December 2019 General Election  A General Election was held and a new majority Government was formed.
20 December Withdrawal Agreement Bill The EU Withdrawal Agreement Bill is introduced to parliamment, with MPs passing its second stage reading. 
1 January 2020 Second Possible Departure Date According to the terms of the extension of Article 50, the UK can leave the EU on this date if the House of Commons and the European Parliament ratify the exit deal after the 1 January 2020, and before this date.
1 February 2020 Final Possible Departure Date  The UK will leave the EU on this date at the latest, either under the terms of the Withdrawal Agreement or with no deal, unless the Government and EU agree to extend or revoke Article 50.

The ongoing negotiations between Westminster and the EU are constantly changing. There is still much uncertainty surrounding both how, and when, we will depart from the EU.

As the existing state of affairs develops we will endeavour to keep you updated with the latest news. Should you want any further information please contact the IFoA Policy team – policy@actuaries.org.uk  

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Events calendar

  • Spaces available

    This new topical webinar presented by Chair of the Life Board of the Institute and Faculty of Actuaries, Colin Dutkiewicz, will explore:

    What is an extreme mortality event?

    How does the current Covid-19 outbreak compare with other extreme mortality events?

    What is the impact of this outbreak for insurers – and the wider economy?

    What can we expect to happen next?

  • Spaces available

    Due to the COVID-19, we will be running this programme via a series of webinars commencing 22 April.  

    CIGI is a well-established seminar designed to increase awareness and encourage discussion on a variety of topical issues across the general insurance industry. 

  • Spaces available

    InsurTech headlines are often big statements, which seem impossible to many working in the sector day-to-day. How can actuaries implement new systems, keep the value from legacy systems, deliver BAU and not require the resources of three teams?

  • Spaces available

    Pressure on organisations to address climate change risks is intensifying. But what does this really mean for insurers? In this session Adhiraj Maitra and Gareth Sutcliffe will look at the why, the what and the how of this risk through a number of different lenses including regulatory, principle and resilience.

  • Spaces available

    There have been a number of events across the financial markets where particular services have fallen below customer expectations.  These have included inability to receive or make payments or or the inability to check your own status or access services.  In an increasingly interconnected world the causes of this are often complex and hard to spot in advance, but can be a major impact to the reputations of firms.

  • CIGI Webinar - Are you Vulnerable ?

    Webinar
    27 April 2020

    Spaces available

    With ever increasing focus from the FCA on pricing practices and the relationship between insurers and their customers, it is critical to ensure appropriate controls are in place. This presentation summarises the latest developments in the market and showcases practical approaches to mitigate the risk of poor customer outcomes in pricing, with a particular focus on protecting vulnerable customers.’

  • Spaces available

    This webinar provides an update on renewal pricing outcomes for Property and Casualty markets at the latest 1/1 reinsurance renewals with the focus being on capacity availability and price drivers.  These issues include, but are not limited to, the cat bond market, wider trends in claims outcomes, trends in Casualty RI space that affect pricing such as social inflation, yield curve, and the reserving cycle.

  • Spaces available

    The Ogden Discount Rate shock of 2017 brought about a period of profound uncertainty to General Insurance market.  GI Actuaries' first task was to estimate the impact of the Ogden shocks, particularly to reserving and reinsurance pricing.  Their second was to navigate a period of framework uncertainty, maintaining an agility in actuarial modelling as the Civil Liability Bill took shape. 

  • Spaces available

    Model validation should not be a tick box exercise. It has all the right ingredients to be a value adding exercise that can help senior management understand what really drives the business from a risk and capital perspective. Model validation can be a stressful, bloated process - and may not be as value adding as it could be. 

  • Spaces available

    The FCA’s interim report into general insurance pricing practices has brought into focus a number of market wide issues including:

    Price walking • Poor governance • Higher prices for potentially vulnerable customers • Higher prices for less aware customers

  • CANCELLED The Global Actuarial Profession

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    30 April 2020

    Spaces available

    We are sorry that this event has been cancelled.

    The IFoA's policy regarding COVID-19 is designed to safeguard the well-being of members and employees. As stated within the policy, the IFoA is reviewing its events programme on a case-by-case basis.

  • Spaces available

    The IFRS 17 Working Party have been producing a number of deep dive papers, these include topics such as risk adjustment, impact of disclosures on how uncertainty is perceived, deferring acquisition costs over renewals, PAA eligibility and more. 

  • SIAS Event: Cyber Insurance

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    4 May 2020

    Spaces available

    Due to the COVID-19, this event will be postponed. The new date TBC.

    The talk will cover:
    • Why cyber security is regarded as the top threat to businesses (Allianz Risk Barometer 2019)
    • What is causing the shift in threat landscape
    • Who is attacking, why, and how we can stop them
    • Customer impressions of cyber security and how you can help them
    • Threats to evaluating insurable losses and responding to claims
    • How cyber insurance policies have evolved, and need to continue to do so

  • Finance and Investment Conference 2020

    Royal College of Physicians, 11 St Andrews Pl, London NW1 4LE
    05-05 May 2020
    Spaces available

    Due to COVID-19, we are running this programme via a series of webinars commencing 5 May.

    The environmental, social and governance (ESG) space is growing rapidly and increasingly moving centre stage. In many cases, it is now an essential part of policy and central to the way stakeholders make decisions for the long term to ensure retention of clients, manage risk better, and ensure more economically efficient and sustainable investment returns.

    ESG factors cover a wide range of areas reflecting how vital consideration of these factors are part of wider systemic risks.

    The IFoA’s policy regarding Coronavirus is designed to safeguard the well being of those who attend IFoA events. Find out more. 

  • Professional Skills Training - Edinburgh (19 May 2020)

    IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA
    19 May 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • Professional Skills Training - London (19 May 2020)

    Staple Inn, High Holborn, London WC1V 7QJ         
    19 May 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • CILA 2020

    Royal College of Physicians, 11 St Andrews Pl, London NW1 4LE
    20 May 2020

    Spaces available

    Due to COVID-19 this event has been postponed until later in the year. A new date will be announced soon.

    Thank you for your patience and understanding.

  • Protection, Health and Care Conference 2020

    The Grand Brighton, 97-99 Kings Rd, Brighton BN1 2FW
    02-03 June 2020
    Spaces available

    The Protection, Health and Care Conference is an annual conference aimed at all insurance professionals with a passion for harnessing insurance risk in their organisations.

  • Mortality and Longevity 2020

    1 Birdcage Walk, Westminster, London SW1H 9JJ
    08-08 June 2020
    Spaces available

    This highly regarded seminar will provide topical and practical updates and discussion on the latest thinking and innovations in mortality and longevity.  The program is designed for life, pensions and health and care actuaries, academics, researchers, underwriters and related practitioners eager to learn about the latest developments in mortality and longevity.  The sessions are designed to be very accessible to a broad range of exp

  • Professional Skills Training - London (10 June 2020)

    Staple Inn, High Holborn, London WC1V 7QJ       
    10 June 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • Professional Skills Training - Edinburgh (17 June 2020)

    IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA
    17 June 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • Professional Skills Training - London (18 June 2020)

    Staple Inn, High Holborn, London WC1V 7QJ   
    18 June 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • Pensions Conference 2020

    Renaissance Manchester City Centre Hotel, Blackfriars Street, Manchester,M3 2EQ
    18-19 June 2020
    Spaces available

    Join us as this year’s conference that will focus on topics including  funding and savings, pension law current issues, ESG, the end game and transferring risk, investment issues, data visualisation and data science.

  • IFoA Asia Conference 2020, Kuala Lumpur

    CCEC Nexus, 7, Jalan Kerinchi, Bangsar South, 59200 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
    24-25 June 2020
    Spaces available

    This event has been postponed. A new date will be announced.

    The IFoA's policy regarding COVID-19 is designed to safeguard the well-being of members and employees. As stated within the policy, the IFoA is reviewing its events programme on a case-by-case basis.

    To this end the IFoA and their strategic partner, the AIR, have taken the decision to postpone this year's Asia Conference. A new date will be announced pending further reviews over the following months.