Brexit day 2020: What happens after January 31?

THE UK is set to quit the European Union at 11 pm on Friday January 31.

After three extensions and three and a half years after the referendum, it is actually going to happen.

What happens on Brexit day?

After 11pm on 31 January revoking article 50, the formal process of exiting the EU, is no longer possible.

Nigel Farage plans £100,000 party in Parliament Square with 10,000 Brexiteers to mark UK exit from EU.

What are the key Brexit dates in 2020?

January 31 2020

Pro-Brexit politicians want Big Ben to chime symbolically at 11pm on January 31 — midnight in Brussels — to mark Britain’s official exit from the EU.

March 1 2020

The EU is aiming to have its negotiating mandate agreed for March 1 (brussels hopes that Europe ministers from the EU27 will be able to sign it off at a meeting on February 25).

June 2020

An EU-UK political declaration, agreed as part of Mr Johnson’s Brexit deal, says a summit should take place in June so Britain and the EU27 can assess the progress of the talks.

June is also the final month for Britain to request an extension of its transition period beyond 2020.

November 26 2020

EU officials say that a trade deal must be negotiated, checked, translated and presented to the European Parliament by this week.

December 31 2020

If a trade deal is not in place, then Britain will fall back on to basic World Trade Organization terms.

Under WTO rules, after Brexit, cars would be taxed at 10% when they crossed the UK-EU border and agricultural tariffs would rise.

December 31 2022

The final date to which the transition period could be extended, if Mr Johnson’s government chooses to change course.

What is Boris Johnson's Brexit deal and when did the EU agree to it?

After winning the Conservative leadership contest, Mr Johnson took over as PM in July 2019 and set about renegotiating Theresa May's deal.

Mr Johnson succeeded in replacing the backstop with new customs arrangements.

The new deal will allow the UK to sign and implement its own trade agreements with countries around the world – but it also creates a customs and regulatory border between Northern Ireland and Great Britain.

This means some goods entering Northern Ireland from Great Britain would be subject to checks and pay EU import taxes.

The remainder of the deal has not changed much from the one negotiated by May.

It includes:

  • Rights of EU citizens in the UK and British citizens in the EU
  • How much money the UK is to pay the EU (initially thought to be £39bn)

What happens if there's no trade deal by December 31 2020?

The outcome would effectively be the same as a no-deal Brexit and both sides would need to make preparations for how they cope with the economic fallout in 2021.

That would leave the UK trading on World Trade Organization WTO terms with the EU. 

This means most of our goods and the EU goods coming in would be subject to tariffs until a free trade deal was ready to be brought in.

Boris Johnson could decide to extend the transition period between 12 and 24 months as long as the EU agreed.

What happens after the transition period ends in 2022?

The UK will enter a transition period until 31 December 2020.

Before then, the UK's trading relationship with the EU will remain the same while the two sides negotiate a free trade deal.

If a trade deal is ready in time, the UK's new relationship with the EU can begin immediately after the transition.

Mr Johnson has ruled out any form of extension to the transition period.

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