After 47 years of membership of the European Union (EU), Brexit has become a reality. Triggered by a referendum held in June 2016 at which 51.9 percent of UK citizens voted in favour of leaving the EU, the UK formally withdrew from the Union last Friday. There will, however, be a transitional period from 1 February to 31 December 2020 to allow for a new UK-EU relationship to be developed. The EU allows free trade in goods, services and capital as well as free movement of people to live and work in any country within the EU. According to the Withdrawal Agreement, if a new trade deal is not finalized by the end of the year, the UK can request an extension of between 12 to 24 months by July 2020. Such an extension has to be approved by the European Council. However, this is unlikely to take place by virtue of legislation passed to rule it out as well as the reluctance of the Prime Minister to go this route.
A key issue relates to how to deal with the absence of a physical border along the 499-kilometre stretch between the Irish Republic and Northern Ireland. The latter is part of the UK while the former is a member of the EU. The UK will also no longer benefit from the various EU treaties entered into with other countries. Friday’s formal withdrawal was greeted with mixed feelings, with candlelit vigils in Scotland and celebrations in London. The UK is the first member to withdraw from the Union that now comprises 27 European countries.