Brexit is Happening on Friday: Here’s What You Need to Know

By Jesse Sokolow on 29 January 2020
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Brexit, the departure of the United Kingdom or Britain from the European Union, will take place Friday at 11 p.m. GMT.

Britain is leaving the bloc following a 2016 referendum in which 17.4 million people voted in favor of Brexit, giving the so-called Leave side 52% of the vote.

Despite the hoopla, little will change immediately.

A transition period begins immediately after Brexit and will continue through December 31, 2020. During this 11-month period, the United Kingdom will continue to follow all EU rules and its trading relationship with the European Union will remain the same.  The point of the transition period is to give both sides the opportunity to negotiate a new free trade agreement, although the European Commission, the governing body of the European Union, has warned that the timetable in which the two are expected to achieve a transition is very short.

In addition to trade, the two sides will have to tackle treaties on aviation standards and safety, the licensing and regulation of medicines, issues relating to law enforcement, data sharing, and data security, access to fishing waters, and issues relating to the supply of gas and electricity.

Under the deal negotiated by Prime Minister Boris Johnson with the European Union, the United Kingdom will effectively create a customs border between Northern Ireland and Great Britain, which will allow there to be no border between Northern Ireland and Ireland. The new arrangement will allow the United Kingdom to negotiate its own customs treaties with other countries following the transition.

Two things will remain the same during the transition, namely the rights of EU citizens in the United Kingdom and of British citizens in the European Union, and how much the United Kingdom will be obliged to pay the European Union, which should be approximately £30 billion ($38.98 billion).

(Photo: Accura Media Group)

Accura News

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