The U.K. is set to leave the European Union on January 31, but this will not be the end of the Brexit process.
Both sides of the English Channel will be entering detailed negotiations on their future relationship from then. Failure to reach a second deal by the end of the 2020 would still mean higher costs and barriers when trading goods and services.
CNBC takes a look at the main Brexit dates in the new year.
- Mid-January – European lawmakers meet for the first time in 2020 and are expected to green light the Withdrawal Agreement – the document that outlines how the U.K. should leave the European Union. These 541 pageshave been approved in the House of Commons earlier this month and are under further scrutiny in Parliament.
- January 31 – The U.K. is set to officially leave the European Union at 11 p.m. London time. A transition period will then begin from that moment onwards. This means that nothing will change for businesses and citizens. However, the U.K. government will be losing voting rights in Brussels, EU law will still be applicable in U.K. territory and the British government will be able to conclude trade deals with other world countries during this period.
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