It took two general elections, three prime ministers and only 4/2 years, but Britain finally voted for Brexit in June 2016.
Big picture: Britain has left Europe’s single market and customs union and is no longer governed by European law.
- Yes, but: Northern Ireland is still part of the UK, even though that trade is part of Europe. This means that anyone traveling between Northern Ireland and Great Britain needs to fill out a customs declaration first.
- An analogy: Imagine that Alaskan businesses would be able to trade freely with Canada and Mexico, but need to fill out paperwork to import or export anything to the rest of the USA.
- Gibraltar, In the same way, will join the Shenzhen area. That means Europeans will be able to travel for free, while visitors from the UK are forced to show their passports at border controls.
Trade deal with Europe Puts zero tariff on goods. Most of Britain’s economy is in the services sector, though – which is not covered in the deal. (UK businesses have only a week to prepare for the new trade regime, which was agreed the day before Christmas.)
- Britain exports about 35 35 billion in financial services to the EU each year, and another 4 134 billion in other services, including legal, accounting, advertising, architecture, insurance, tech support and more.
- As far as the UK’s trade relations with the rest of the world are concerned, 62 trade agreements have been signed – although many large agreements, including the US, China and India, are still in limbo.
By numbers: The UK Office Fees for Budget Responsibility estimates that Brexit will leave 4% poorer countries than part of the EU.
- It’s just an economic expense. The cultural costs associated with the end of free labor movement between Britain and the continent are relatively small, but arguably larger.
- While both Europe and the UK may be less secure, British police no longer have access to the Shenzhen Information System. Last year, they searched Europe’s largest security database more than 1.6 million times a day.
The future of the UK Now there is also the risk.
- Scotland To separate and become an independent European nation.
- In Northern Ireland Leaving the UK to join Ireland, can vote to reunite the island.
other side: Announcing the deal, UK Prime Minister Boris Jones said: “For the first time since 1973 we will be an independent coastal state with full control of our waters.”
Bottom line: Over the past 40 years, Britain has found peace and prosperity among the most important players in a community of more than 400 million people. Like today, it has, once again, become an island off the coast of Europe.