The UK formally leaves the European Union (EU) at 23:00 on Friday, 31 January. But it will immediately enter an 11-month transition period.
During the transition the UK will continue to obey EU rules and pay money to the EU. Most things will stay the same but there will be some changes:
1. UK MEPs lose their seats
Familiar faces such as Nigel Farage and Ann Widdecombe are among the UK's 73 MEPs who will automatically lose their seats in the European Parliament.
That's because, at the moment of Brexit, the UK will leave all of the EU's political institutions and agencies.
However, in addition to the UK following EU rules during the transition period, the European Court of Justice will continue to have the final say over legal disputes.
2. No more EU summits
UK Prime Minister Boris Johnson will have to be specially invited if he wants to join other leaders at EU Council summits in the future.
British ministers will also no longer attend regular EU meetings that decide things such as fishing limits.
3. We will be hearing a lot about trade
The UK will be able to start talking to countries around the world about setting new rules for buying and selling goods and services.
It has not been allowed to hold formal trade negotiations with countries like the US and Australia while it remained an EU member. Brexit supporters argue that having the freedom to set its own trade policy will boost the UK's economy.
There's also a lot to be discussed with the EU. Agreeing to a UK-EU trade deal is a top priority, so extra charges on goods and other trade barriers aren't needed when the transition ends.
If any trade deals are reached, they won't be able to start until the transition period ends.
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Source: The BBC
As a reminder, the next 11 months will be a transition period. Over the next few months, the UK and the EU will be discussing the future relationship between the two parties. Keep in mind, there can still be a hard or soft Brexit by the end of 2020 - all options remain viable.
BDP International is here to assist you with navigating the uncertainty of Brexit. For more information, check out our Brexit at a Glance document, or reach out to your local BDP representative for more information.
