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UK SEALS BREXIT DIVORCE BY LEAVING EU SINGLE MARKET

  • Writer: By The Financial District
    By The Financial District
  • Jan 3, 2021
  • 1 min read

Britain has left the European Union's internal market and customs union, finalizing the Brexit divorce, Isobel Frodsham and Ellan Joyner reported for Deutsche Presse-Agentur (dpa).

Britain officially left the bloc on January 31 2020 but has been in a transitional phase for the past 11 months meaning that little changed in practice.


A last-minute trade deal was struck by the EU and Britain on Christmas Eve, which is to be provisionally applied.


It has been written into law on the British side, but must still be ratified by the European Parliament in early 2021. It is worth some 660 billion pounds ($900 billion) and foresees zero tariffs and quotas, meaning businesses on both sides avoid the most serious economic disruption.


At 2300 GMT on Thursday (7 a,m,, Friday, January 1, 2021, in Manila), the moment Britain left the single market and customs union, the London landmark and clock tower bell, called Big Ben, chimed. "11 pm on December 31 marks a new beginning in our country's history and a new relationship with the EU as their biggest ally," British Prime Minister Boris Johnson said on Wednesday.





 
 
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