brexit-day:-britain-quits-eu,-steps-into-transition-twilight-zone

Brexit day: Britain quits EU, steps into transition twilight zone

LONDON (Reuters) – The United Kingdom leaves the European Union on Friday for an uncertain Brexit future, the most significant change to its place in the world since the loss of empire and a blow to 70 years of efforts to forge European unity from the ruins of war.

The country will slip away an hour before midnight from the club it joined in 1973, moving into the no man’s land of a transition period that preserves membership in all but name until the end of this year.

At a stroke, the EU will be deprived of 15% of its economy, its biggest military spender and the world’s international financial capital of London. The divorce will shape the fate of the United Kingdom — and determine its wealth — for generations to come.

“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, though he has given few clues about his post-Brexit plans beyond inspirational words.

“This is the dawn of a new era,” Johnson, one of the main leaders of the “Leave” campaign in the 2016, will say.

Beyond the symbolism of turning its back on 47 years of membership, little will actually change until the end of 2020, by which time Johnson has promised to strike a broad free trade agreement with the EU, the world’s biggest trading bloc.

For proponents, Brexit is a dream “independence day” for a United Kingdom escaping what they cast as a doomed German-dominated project that is failing its 500 million population.

Opponents believe Brexit is a folly that will weaken the West, torpedo what is left of the United Kingdom’s global clout,

 » Read More at reuters.com