The Brexit day has finally arrived marking the exit of UK from EU. The former will leave European Union on January 31, 2020 with a delay of almost ten months. Earlier the Brexit date was scheduled on March 22, 2019. While United Kingdom will no more be part of European Union from January 31, 2020 onwards it will not immediatly be free from European jurisdiction untill the Brexit transition period ends on December 2020.
The 10 months long delay was becuase both parties wanted to avoid a no-deal Brexit that may have affected businesses and citizens on both sides of the border in adverse manner. During the transition period both sides will try to finalize a deal shaping the future of their mutual partnership in trade, movement of people from either side, citizenship rights and mechanism of sharing information related to security etc.
As per the earlier withdrawal negotiations followed by the Brexit vote Brtain will have to pay £39 billion to EU after its exit. Referendum to ask UK citizens whether they wanted to remain in EU or leave it had taken place on June 2016. Results concluded that 52% of voters had chosen to remain while 48% had chosen to leave EU.
Things That Will Remain Same During Brexit Transition Period
UK will leave EU at 11:00 PM GMT but nothing much will change for the citizens on each side of the border. The country will still remain the part of EU Customs Union and single market. Citizens on each side will be able to move freely on both sides as they used to do earlier.
During the Brexit transition period UK will continue to follow EU rules but it will not have any say in EU matters related to the future. UK Prime Minister Boris Johnson will attend EU summits and other meetings related to the union but he will not be able to participate in voting etc.
The trade of goods and services across the borders will continue as it was before. Businesses on both sides will see little to no difference in their operations, except the impact that may arise as a result of speculations. There are also no immediate requirements for regulations regarding driving licnses. Further, EU citizens will have same rights in UK untill the Brexit Transition Period ends.
What Will Happen During Brexit Transition Period
Eleven months long transition period that might be subject to extension will aim at both EU and UK concluding a Brexit deal to decide the nature of partnerships. During this period, the UK will also be able to freely negotiate its trade deals and partnerships with other countries of the world in an individual capacity. Till now after the Brexit referdum UK was not able to do so because it was still a part of EU.
Brexit transition period will be crucial in deciding the fate of UK’s trade relations with EU and rest of the world.