EU-UK future relations unclear
While the United Kingdom leaves the European Union juridically, it remains a member in all but name until the end of 2020. Britons lose vote in the decision-making process in Brussels, and their political representation in the European Parliament.
Prime Minister Boris Johnson has said he is confident of clinching a new trade agreement with the EU during a transition period that begins from February 1 and runs until the end of 2020.
However mindful that Britain remains subject for now to EU rules and regulations over which it has no control- and Brexit was sold to voters as ‘taking back control’ from Brussels – Johnson has ruled out extending the transition period beyond this year.
The United Kingdom accounts for about 15% of the EU’s economy and is its biggest military spender, and the City of London is the world’s international financial capital. But the United Kingdom’s economy is worth about $2.7 trillion while that of the EU is currently worth $18.3 trillion.
At present there are two ways of constructing the future relationship EU-UK relationship: seeking closer alignment with the EU, or on contrary distancing from Europe, setting eyes of the Commonwealth, and the globe.