UK solidifies economic split from EU

UK solidifies economic split from EU
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The United Kingdom officially economically broke off from the European Union on Thursday at 11 p.m. London local time.

The official break comes after the U.K. reached a deal last week that defined its economic relationship with the EU going forward, ensuring that the U.K. would not endure a "hard" no-deal Brexit come January. 

U.K.’s departure from the EU’s single market marks the largest economic change for the country since WWII, according to The Associated Press

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“We have our freedom in our hands, and it is up to us to make the most of it,” said British Prime Minister Boris Johnson in New Year’s video, calling it “an amazing moment for this country.”

This break comes 11 months after the U.K. officially left the EU and entered into a “transition period.”

Though U.K. lockdown measures restrict mass gatherings, some Brexit supporters gathered outside of Parliament to toast the news at 11 p.m., according to the AP.

The deal announced last week did not place tariffs or quotas on the U.K. However, companies and traders will now face customs declarations and border checks.

The deal also allows each side to use an independent subsidy control adjudicator to settle any disputes.

One of the top provisions for both sides was an agreement on fishing rights for coastal towns in both the U.K and the EU. 

Both the U.K. and EU agreed to “establish a favourable climate for the development of trade and investment between them," and the U.K. said it would phase in new rules on EU fishing in British waters for 5 ½ years.