Brexit is finally happening, but what does that mean? And what happens next?

Three and a half years after the UK voted to leave the European Union, a withdrawal agreement is finally coming into force

But much is still left to be decided before an 11-month ‘transition period’ ends, and the country’s future is far from certain

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A Brexit-inspired mural by anonymous British street artist Banksy depicting the European flag in Dover, UK. Photo: EPA

Published: 5:00pm, 31 Jan 2020Updated: 11:16pm, 31 Jan 2020

Saturday marks the first day of Britain’s long-expected exit from the European Union, a historic moment for which Prime Minister Boris Johnson – a key ‘leave’ campaigner during the 2016 Brexit referendum – will be remembered, positively or otherwise.

Three and a half years after the close-fought vote, the country’s 66 million citizens remain divided, with many having claimed an Irish passport in order to “stay” in the EU. Businesses fear the potential of time-consuming checks on goods crossing in and out of Europe and the Bank of England has further downgraded its forecasts for the UK economy to levels not seen since the second world war.

Graphic showing the road ahead for Britain and the EU

But Downing Street is sounding a more positive note. In a speech to be delivered an hour before the official departure time of 11pm on Friday – midnight in Brussels – Johnson is expected to pronounce “the dawn of a new era” as Britain ends almost half a century of EU membership. He will describe severing ties with the other 27 member nations as “a moment of real national renewal and change” that “is the moment when we begin to unite and level up”, according to a preview of the speech seen by the BBC.

Meanwhile, the Brexit Party’s Nigel Farage, who staged a dramatic walkout of the European Parliament in Brussels earlier this week, is said to be planning a party in Central London to celebrate the UK’s withdrawal agreement officially entering into force as a legally binding international treaty.

Nigel Farage, centre, leader of the Brexit Party. Photo: EPA