What was going on?

• On June 23, 2016, 52% of British voters chose to leave the EU.
• A lot has happened in the 1,317 days following: 
  • Prime ministers stepped down,
  • proposed deals came and went,
  • ceremonial maces were grabbed.
• But tonight (Jan 30, 2020), at 11pm London time, Brexit is actually, seriously, indubitably happening.

What lies ahead

• Britain will enter a transition period in which…not much changes.
  • The U.K. will remain part of the EU’s tariff-free single market and customs union.
  • Travel shouldn’t be affected.
  • The U.K. will still contribute to the EU budget.
  • Liverpudlians will be free to go work in Milan and vice versa. 
• During this period, U.K. Prime Minister Boris Johnson will be zipping around the globe trying to score trade deals with the EU and other countries. 
  • It’ll be a sprint. The transition ends at the end of 2020, and Johnson has ruled out any extension.
  • The EU’s recent trade deals with Japan and Canada took seven years to massage.

Zoom out

“The U.K. is entering a decade of potentially profound structural change,” Bank of England Governor Mark Carney said. Even if Johnson gets those trade deals signed, lower immigration and business investment will stunt already limp economic growth. If he doesn’t…expect supply chain chaos.

The “not very important, but still fun” section

• British passports will switch from the EU’s burgundy back to blue, a design that was introduced nearly 100 years ago. 
• Today, the Royal Mint will release about 3 million commemorative 50p Brexit coins bearing the inscription “Peace, prosperity and friendship with all nations.” 

Content source: Freyman. N. (2020) Britain Officially Leaves EU. Morning Brew. Available from: https://www.morningbrew.com/daily/stories/2020/01/30/britain-officially-leaves-eu [Accessed 30 January, 2020]