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Edgar LW Morgenroth, Economic and Social Research Institute, Dublin, & Trinity College Dublin, Ireland liabilities and the treatment of UK and EU nationals in the EU and the UK. The financial aspects-the so called Brexit bill-in particular might be difficult to settle, especially as it is expected to be substantial. This and the important constraint that Article 50 requires the negotiations to be completed in a two year periodi, with an extension only possible by unanimous agreement among the EU Member States, could result in an unsuccessful conclusion to the Article 50 negotiations. Under such circumstances it would be difficult to find a basis for negotiating the nature of the future relationship between the UK and the EU, which would result in a hard Brexit with merchandise trade subject to WTO tariffs.

The outcome of the UK general election has added to the uncertainty in that it is not clear what kind of Brexit is going to …