BREXIT

On June 23, 2016, citizens of the United Kingdom of Great Britain and Northern Ireland decided by referendum to exit the United Kingdom from the European Union (EU). Following this vote, the British Government initiated the withdrawal process on March 29, 2017, by activating Article 50 of the Treaty on European Union. In October 2019, EU leaders 27 and the British side reached a political consensus on the UK's withdrawal agreement. It was subsequently approved by the British authorities and the EU and entered into force on 1 February 2020. The agreement allows the United Kingdom to exit the European Union in an orderly and predictable manner. At the same time, it establishes a transitional period from 1 February 2020 to 31 December 2020.