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Done: UK leaves the European Union

After almost half a century, the United Kingdom has left the 28-nation European Union, the world’s biggest trading bloc, amid uncertainty of the future of the midsize economy off the coast of Europe.
The formal withdrawal on January 31, 2020 starts the 11-month transition of UK and EU to chart its future relationship.
During this period, Brexit will only be felt in Brussels since UK will no longer be represented in political bodies such as the EU Parliament. UK will still be subject to EU laws, including customs union and single market.
Brexit process started in June 2016 in a marked divisive plebiscite — 52 percent of Britons decided to leave EU because they see membership to EU as expensive, out of touch and source of uncontrolled immigration.
The epoch-making departure showed again how divisive UK is about Brexit — the Scottish held candlelight vigils while Brexiteers parties at London’s Parliament Square.
The EU referendum in 2016 jolted financial markets, tumbling the British pounds over fears of uncertainty.
Aside from the economic effects, Brexit might also affect security matters as well as new questions of national identity.
Since Britain is the fifth largest economy in the world, the post-Brexit economic uncertainty will also send global markets jitters.

Staff Report

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