It has been 4 1/2 years since Britain voted 52% to 48% to leave the bloc it had joined in 1973. Brexit started on Jan. 31 of this year, but the real repercussions of that decision have yet to be felt, since the U.K.’s economic relationship with the EU remained unchanged during the 11-month transition period that ends Dec. 31.
That will change on New Year’s Day. The agreement, hammered out after more than nine months of tense negotiations and sealed on Christmas Eve, will ensure Britain and the 27-nation EU can continue to trade in goods without tariffs or quotas. That should help protect the 660 billion pounds ($894 billion) in annual trade between the two sides, and the hundreds of thousands of jobs that rely on it.
But the end to Britain’s membership in the EU’s vast single market and customs union will still bring inconvenience and new expense for both individuals and businesses — from the need for tourists to have travel insurance to the millions of new customs declarations that firms will have to fill out.
Brexit supporters, including Johnson, say any short-term pain will be worth it.
Johnson said the Brexit deal would turn Britain from “a half-hearted, sometimes obstructive member of the EU” into “a friendly neighbor — the best friend and ally the EU could have.”
He said Britain would now “trade and cooperate with our European neighbors on the closest terms of friendship and goodwill, whilst retaining sovereign control of our laws and our national destiny.”
Some lawmakers grumbled about being given only five hours in Parliament to scrutinize a 1,200-page deal that will mean profound changes for Britain’s economy and society. But it is highly likely to get backing from the House of Commons, where Johnson’s Conservative Party has a large majority.
The party’s powerful euroskeptic wing, which fought for years for the seemingly longshot goal of taking Britain out of the EU, has backed the deal.
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British lawmakers approve post-exit trade deal - Oklahoman.com
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