On 31 January 2020, the United Kingdom left the European Union after 47 years, although it will still seem as if this is not true for 11 months. And yet it is. Only an 11-month transition period has begun, in which citizens and companies will not feel the effects of exit, probably hoping that they will, among other things, maintain a “duty free” policy in the future. Will that really be the case? Brussels and London must reach an agreement on future relations by 31 December, which, given the length of past negotiations between the EU and other countries on trade agreements, seems like a mission impossible. After examining all the consequences of exit, it therefore seems as though the United Kingdom has made a mistake by making the decision to exit.
And yet, the European Union will not be in a better position either – one of the largest net contributors is leaving the European Union, resulting in an annual budget of 12 to 14 billion EUR, which will have to be covered by the remaining members. However, they are unlikely to feel this difference in the coming years, as the UK has to settle a separation bill, estimated at around 35 EUR billion by British media.
So, who’s next for the exit / entry?