There were two general elections for it, three prime ministers and just over 4 1/2 years, but as of today, Britain finally has the Brexit it voted for in June 2016.
The big picture: Great Britain has left Europe’s internal market and customs union and is no longer subject to European law.
- Yes but: Northern Ireland is still part of the UK while acting as if it were part of Europe. This means that anyone transporting goods between Northern Ireland and Great Britain must first complete a customs declaration.
- An analogy: Imagine that Alaska businesses can trade freely with Canada and Mexico, but have to fill out paperwork to import or export anything to the rest of the US.
- Gibraltarwill also join the Schengen area. This means that Europeans can travel in and out freely, while visitors from the UK are forced to show their passport at a border check.
The trade agreement with Europe imposes zero rates on goods. However, most of the UK economy is in the services sector, which is not covered at all in the deal. (UK businesses have only had a week to prepare for the new trade regime, agreed on Christmas Eve.)
- Britain exports about $ 35 billion in financial services to the EU annually and another $ 134 billion in other services, including legal, accounting, advertising, architecture, insurance, technical support and much more.
- As for the UK’s trade relations with the rest of the world, 62 trade deals have been signed – although many large ones, including the US, China and India, are still in the dark.
In numbers: The UK Office for Budget Responsibility estimates that Brexit will leave the country about 4% poorer than it would have been as part of the EU.
- Those are just the economic costs. The cultural costs associated with the end of the free movement of workers between Britain and the continent are less quantifiable, but arguably greater.
- Both Europe and the UK may also be less secure now that the UK police no longer have access to the Schengen information system. Last year they requested the largest security database in Europe more than 1.6 million times a day.
The future of the UK is now also at risk.
- Scotland wants to secede and become an independent European nation.
- Northern Ireland could vote to leave the UK and join Ireland and reunite the island.
The other side: “For the first time since 1973, we will be an independent coastal state with full control over our waters,” said British Prime Minister Boris Johnson announcing the deal.
It comes down to: Over the past 40 years, Britain has found peace and prosperity as one of the key players in a community of more than 400 million people. From today it has once again become an island off the coast of Europe.