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Brexit day: Britain officially leaves the EU at 23:00 GMT

The UK is scheduled to officially bail out of the European Union at 23:00 (GMT) on Friday, bringing an end to 47 years of membership, though the path ahead for Britain is unclear as it enters a transition period.

Brexit day has finally arrived, with the UK scheduled to officially leave the European Union (EU) on Friday at 23:00 (GMT).

An hour prior, British Prime Minister Boris Johnson will release a video message where he will label Brexit a ‘new dawn’ that ends more than three years of political upheaval, though the path ahead remains unclear as the UK enters a transitionary period.

‘This is the moment when the dawn breaks and the curtain goes up on a new act,’ Prime Minister Boris Johnson will say in a television address on Friday evening. ‘This is the dawn of a new era.’

Britain enters transitionary period with EU

On Friday, Brexiteers and pro-EU campaigners will both celebrate and mourn Britain’s departure from the EU.

However, very little will change as the clock strike 23:00 (GMT), with the UK entering a ‘transition period’ that will see most EU law remain in force – including the free movement of people.

The transition period will remain in place until December, with the UK government and EU leaders hoping to reach a permanent free trade agreement by then as well as ironing out key aspects of their post-Brexit relationship.

Path ahead remains unclear for the UK and EU

It is still unclear how Brexit will pan out for both the UK and the EU, with the bloc deprived of around 15% of its economy and the financial hub of London.

Meanwhile, the fate of UK economy hangs in the balance with the full impact of Brexit likely to take time before being fully realised.

Brexiteers are hoping that an independent Britain will have the political and economic freedom to propel the country forward, while pro-EU supporters fear the UK economy will stagnant and be forced to negotiate a new trade deal with the US that will threaten the future of the NHS.

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Trading around Brexit

Find out how Britain’s EU exit continues to affect traders, and discover:

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