Author: Unknown
Published on: 31/01/2025 | 05:50:10

AI Summary:
On Jan. 31, 2020 at 11 p.m. London time – midnight at EU headquarters in Brussels — the U.K. Officially left the bloc after almost five decades of membership that had brought free movement and free trade between Britain and 27 other European countries. Five years on, people and businesses are still wrestling with the economic, social and cultural aftershocks. The political departure was followed by 11 months of testy negotiations on divorce terms. The bare-bones trade deal saw the U.K. Leave the bloc’s single market and customs union. It meant goods could move without tariffs or quotas, but brought new red tape, costs and delays. Brexit supporters argue that short-term pain will be offset by Britain’s new freedom to strike trade deals around the world. The U.K. Has signed trade agreements with countries including Australia, New Zealand and Canada. But the big players aren’t so much affected, Henig said. In some ways, Brexit has not played out as either supporters or opponents anticipated. Labour Party Prime Minister Keir Starmer has promised to “reset” relations with the EU. He has ruled out rejoining customs union or single market. EU leaders have welcomed the change of tone from Britain. The U.K. Is no longer a top priority.

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