LONDON – The UK’s biggest geopolitical move in decades, Brexit heralds all-new changes for Britain after it left the European Union at 2300 GMT.
CHANGE IN POWER
The UK shall continue to be a power in all but name. It shall lose its vote in Brussels’ meetings to decide EU policy on all matters.
British Prime Minister Boris Johnson is confident of finalising a new trade agreement with the EU during the transition period from Saturday to 2020 December.
For now, though, Britain is subject to EU rules and regulations without a say.
15% of the European Union’s economy is accounted for by the UK. Brussels will ascertain how Johnson shall overhaul the UK- an outside competitor to turbo-charge the economy or a closer relationship with the EU.
UK & EU NATIONALS
During the transition period, British and EU citizens can continue to live and work in each others’ countries.
Around 3.5 million EU citizens live in Britain and they have till the end of the transition period to register to retain rights.
Johnson plans on introducing a points-based immigration system like Australia post-Brexit. Talented people shall be allowed into the country and low-skilled workers will be barred.
BUSINESS AND CUSTOMS
Company regulations and customs on trading with the EU shall be unchanged until the end of the transition period. After that, UK customs shall apply for goods from EU as those from third countries.
Northern Ireland will, however, remain in alignment with the rules of the EU. No customs checks apply for Ireland and UK authorities will be in charge of the application of EU customs rules.
TRADE DEALS
After the formal exit, UK can begin to negotiate trade deals with other countries. The EU and the U.S. are top targets for new trade deals to be cinched.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field.