It took two elections, three prime ministers, and a little over 4 and a half years, but as of today, Britain finally got a Brexit that it voted for in June 2016.
The Big Picture: Britain has left the single market and customs union in Europe, and is no longer subject to European law.
- Yes, but: Northern Ireland is still part of the United Kingdom, while trading as if it were part of Europe. This means that anyone transporting goods between Northern Ireland and Great Britain needs to fill out a customs declaration first.
- An analogy: Imagine companies in Alaska are able to trade freely with Canada and Mexico, but need to fill out the paperwork in order to import or export anything to the rest of the United States.
- Tarek mountainLikewise, it will join The Schengen area. This means that Europeans will be able to travel in and out of the country freely, while visitors from the United Kingdom will have to show their passports at the border control point.
Trade deal with Europe It does not impose any customs tariffs on goods. Most of the British economy operates in the services sector, however – which was never covered in the deal. (British companies had only one week to prepare for the new trading system, which was agreed on Christmas Eve.)
- Britain exports about $ 35 billion in financial services to the European Union every year, and another $ 134 billion in other services, including legal services, accounting, advertising, architecture, insurance, technical support and much more.
- As for the UK’s trade relations with the rest of the world, 62 trade agreements have been implemented Occurred Although many major companies, including the United States, China and India, are still in limbo.
By numbers: The UK Office of Budget Responsibility estimates that Brexit will leave the country about 4% poorer than it was as part of the European Union.
- This is just an economical cost. The cultural costs associated with the end of free labor movement between Britain and the continent are less quantifiable, but larger.
- Both Europe and the United Kingdom may also be less secure, as the British police no longer have access to the Schengen information system. Last year, they are question The largest security database in Europe over 1.6 million times a day.
The future of the United Kingdom Now, too, is in danger.
- Scotland He wants to separate And it becomes an independent European country.
- northern Ireland They may vote to leave the UK and Join IrelandIsland, reunion.
the other side: “For the first time since 1973, we will be an independent coastal state with complete control over our waters.” He said UK Prime Minister Boris Johnson announces the deal.
Bottom line: Over the past 40 years, Britain has found peace and prosperity as one of the most important players in a society of more than 400 million people. As of today, it is once again an island off the coast of Europe.