Brexit is currently scheduled to end its transition period in December 2020. Brexit is the British exit from the European Union.
Theresa May’s cabinet meets later on Wednesday to approve or reject the text of a draft withdrawal agreement drawn up this week in Brussels by EU and UK negotiators two-and-a-half years after Britain voted to leave the bloc.
It covers three main areas:
Britain’s financial settlement with the EU to meet agreed commitments.
The post-Brexit rights of EU citizens in the UK and British citizens on the continent.
A mechanism to prevent a hard border on the island of Ireland.
There will be no press conference tonight but there WILL be a statement after cabinet.
— Katy Searle (@KatySearle) November 14, 2018
Date of Brexit
The EU treaties will cease to apply from the date of entry into force of the withdrawal agreement or, failing that, two years after the withdrawal notification unless the EU Council and UK agree to extend the two-year period.
On the EU side, the Agreement should set a withdrawal date which is at the latest 30 March 2019 at 00:00 (Brussels time).
On the British side, the European Union (Withdrawal) Act 2018, section 20(1) defines exit day as 29 March 2019 at 11.00 p.m.
EU-27 is one third of Asia purchasing power parity GDP
After the UK leaves the EU, then the EU economic size will drop by $2.8 trillion in nominal GDP and $3 trillion in PPP GDP.