UK reaches a point of no return as European Parliament approves Brexit. John Iadarola and Billie Porter break it down on The Damage Report. Follow The Damage Report on Facebook: https://www.facebook.com/TheDamageReportTYT/
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"The U.K. may be leaving the European Union on Friday, but its relationship with the bloc isn’t changing for now.
This means that if, next week, you want to fly from London to Milan or you are shipping French products to the U.K., there will be no difference from how things have been done for the last few years.
The U.K. stops being a member of the EU at 11 p.m. London time on Friday, and a transition period will begin from that moment onward. Practically speaking, the U.K. will still be subject to European laws and rules, it will not have voting rights around the EU table, but it will be allowed to develop new trade arrangements with other parts of the world.
This will be the case until the end of 2020, at least.
The transition period is also meant to give EU and U.K. negotiators more time to outline their future relationship. This will include new arrangements on fishing, security, data sharing and the overall trade of goods and services."
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