The UK Withdrawal Agreement – What you need to know
On January 31, 2020, the United Kingdom officially left the European Union after nearly 4 years of political turmoil and uncertainty. However, the exit agreement entered into force on December 31, 2020, after both sides agreed on a deal that would regulate their future relationship.
The Withdrawal Agreement lays out the terms of the UK`s departure from the EU and is a legally binding agreement. It covers issues such as citizens` rights, the financial settlement, and the Irish border. Here are some key points of the agreement:
1. Citizens` Rights
The Withdrawal Agreement protects the rights of UK nationals living in the EU and EU citizens living in the UK. They will maintain their residence, work, and social security rights they had before Brexit. Family members will also be protected, regardless of nationality.
2. Financial Settlement
The UK agreed to pay a settlement of around £35-39 billion to cover the budgetary contributions and financial liabilities the country had committed to during its membership in the EU. This money will be paid over several years.
3. Irish Border
One of the most contentious issues during the Brexit negotiations was the border between Northern Ireland and the Republic of Ireland. The Withdrawal Agreement includes a protocol on Ireland and Northern Ireland that ensures that there will be no hard border between the two countries.
4. Future Relationship
The agreement also sets the framework for the future relationship between the UK and the EU. It establishes a free trade agreement that eliminates tariffs and quotas on goods, but there will be some new customs checks and regulatory barriers. However, some sectors such as financial services will have limited access to the EU market.
In conclusion, the Withdrawal Agreement represents a significant milestone in the UK`s relationship with the EU. It provides some clarity and stability to citizens, businesses, and governments on both sides. However, there are still many issues to be resolved, especially in regards to trade and services. The UK will need to negotiate a series of agreements that will define its future relationship with the EU.