Analysis: What Happens After Brexit?

The United Kingdom officially exited the European Union on January 31, 2020, known as Brexit, following three and a half years of fierce political talks and economic concerns.

The Brexit ended 48 years of an EU membership which somehow affected the British national identity, institutions, legal systems and economic and financial sectors.

Although nearly 52 percent of Britons are happy for the result, there have been many doubts over various issues; most importantly the food prices, Eurostar services at airports, fate of Britons in other EU countries, fate of the other EU nationals living in the UK…etc.

Both the UK and the EU will keep talks for eleven months so that they can reach consensus and solutions to those issues.

Brexit Portfolio

The Cabinet Office announced shut down of the Brexit ministry, headed by Stephen Barclay who is set to receive 17.000 Sterling golden goodbye. The government rushed to reassure the ministry’s employees, assuring that it would help them find other positions.

Passports

The British authorities have begun to supply passports that do not refer to the European Union, which will be blue in reminding of colors of the blue and golden of the British passport that citizens carried between 1921 until their countries joined the European Union. As for the current passports, they will remain in force until they expire.

No More EU Summits

The UK does not need to worry about taking part in any European summits from now on. The British MPs won’t return to their European Parliament’s seats including the Brexit Party’s Leader Nigel Farage whose joy of leaving the EU was described as “independence of Britain.”

During the transitional period, which ends by 31 of December, the UK will follow the EU rules without having the right to make a choice or oppose a rule.

Brexit Commemorative Coin

Britain released a commemorative currency for "Brexit", bearing the slogan "Peace, prosperity and friendship with all countries", accompanied by the date Britain left the European Union, Jan.31, 2020. It is expected that about three million coins will be traded across Britain starting Saturday, with another seven million pieces added later this year.

Food Prices

Prices of food don’t expect a big change during the translational period. After December 31, a new trade deal will be concluded between the UK and the EU and a new customs policy will be adopted regading imported good from the EU member states.

Sterling Pound

During the past three years, the British Pound witnessed a rising and falling movement against the Euro and the Dollar, and this movement is expected to continue as the markets await the direction of trade negotiations with the European Union.

Traveling to Eurozone

The current laws regarding travel to the European Union, stability in its countries and access to health care will remain as they are, until the end of the transitional period.

The European Union has pledged to guarantee the rights of British residents of its countries, if Britain guarantees the rights of European residents who settled in its territory before December 2020.

Also, travelers from both sides will not need entry visas of any kind, but this may change at the end of the year.