Brexit deal between the UK and the EU finalized


Economy /

The details of Brexit which saw the UK leave the European Union on the 31st of January 2020, has been finalized by the UK and the European Union. Read on to find out more 

Brexit deal covers trade worth over £668bn

The details of the deal took long to finalize because of the magnitude of trade that occurred between the UK and the EU.

Both sides agreed on:

  1. No taxes on each other’s goods when they cross borders (known as tariffs)
  2. No limits on the number of things which can be traded (known as quotas)

According to the UK, the deal covers trade worth £668bn in 2019.

British citizens warned to expect changes from the 1st of January

The majority of the UK have not felt the effects of Brexit due to the 11-month transition period after the UK departures. However, things are going to change very soon as the transition period ends on the 31st of December, which would also affect the millions of UK and European citizens that work in both countries.

Government minister, Michael Grove, recently said that there will be “bumpy moments” for UK businesses and travelers as they come to terms with the new EU rules.

“The nature of our new relationship with the EU—outside the Single Market and Customs Union—means that there are practical and procedural changes that businesses and citizens need to get ready for.

We know that there will be some disruption as we adjust to new ways of doing business with the EU, so it is vital that we all take the necessary action now,” He said.

Mr. Grove also encouraged travelers to EU destinations to be ready to take out comprehensive travel insurance, check their mobile phone provider’s roaming charges and make sure they have at least six months left on their passports from the 1st of January 2021.