Britain officially left the European Union on 31 January 2020, marked as the Brexit Day. UK and EU will undergo a transition period of 11 months till all the negotiations regarding trade, governance, water distribution, and other things are finalized from both ends. Let us have a look at what will change and what remains unchanged.
Crux of the Matter
Immediate Changes After separation from the EU, UK will have no representation in EU Parliament and Members of the European Parliament (MEPs) from UK will lose their seats. Moreover, Britain will continue to pay its share in the EU’s budget until the transition period gets over. It will have no part in law and decision making in the EU. Britain will circulate commemorative 50 pence coin in the country with text “peace, prosperity and friendship with all nations”.
Britain may enter into new trade agreements with countries like the USA and Australia. It must be noted that Britain faced restrictions in trade agreements with other countries to conform with EU’s policies. UK will also negotiate its trade agreements with the EU. It is speculated that Britain will not want to lose its access to the EU markets for its biggest export industry i.e. the financial services sector, which is likely to be used as leverage by EU demanding the UK to allow fishing in its water.
Unchanged For Now Travel sector is likely to remain as it is. Both, the UK and EU will continue to follow trade deals without any changes until the transition period gets over. There will be no change in the living and working system in the EU and UK both and people will enjoy the same freedom of movement until the transition period get over.
Curiopedia
European Union free trade agreements – The European Union has concluded free trade agreements (FTAs) and other agreements with a trade component with many countries worldwide and is negotiating with many others.The European Union negotiates free trade deals on behalf of all of its member states, this means individual member states are prohibited from negotiating individual free trade deals with either non EU counties (known as Third Countries) and fellow member states. More Info
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