Brexit deal: Brexit trade deal explained in five basic questions – Separation with a deal

Brexit – or “British exit” – refers to the process of the United Kingdom leaving the EU after 47 years in the economic and political alliance of European countries built from the ashes of World War Two.

Following a referendum that the “vote leave” camp won by 52-48% in June 2016, Britain became the first country to leave the EU, a union of now nearly 450 million citizens that stretches from the Atlantic to the borders of Russia and Turkey.

Britain’s formal departure on Jan. 31, 2020 was heralded by supporters as a recovery of political sovereignty for the country of 66 million people.

Opponents saw it as an historic setback to European integration that could cause unprecedented economic damage and risk renewed strife on the Irish border, the only land frontier between the bloc and the UK.

Since its formal departure, London has followed established rules of close-knit cooperation on everything from trade to student exchanges, but this transition phase expires at midnight on Dec. 31.