Brexit: UK leaves EU's single market and customs union
What is Brexit?
Brexit is the term used to describe the United Kingdom's withdrawal from the European Union (EU). The UK formally left the EU on January 31, 2020, but remained in the EU's single market and customs union during a transition period. This transition period ended on December 31, 2020, and the UK has now left the EU's single market and customs union.
What does this mean for the UK?
Leaving the EU's single market and customs union means that the UK is now able to set its own trade deals with other countries. However, it also means that there will be new checks on goods that are traded between the UK and the EU. This could lead to delays and increased costs for businesses.
What does this mean for the EU?
The UK's departure from the EU's single market and customs union means that the EU will lose one of its largest trading partners. This could have a negative impact on the EU's economy.
The Future of Brexit
The UK and the EU are still negotiating a trade deal. The outcome of these negotiations will determine the future of Brexit.
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