Home Economy Britain completes formal economic break with European Union after 48 years

Britain completes formal economic break with European Union after 48 years Updated for 2021

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Updated: February 26, 2021

Britain has completed its economic break from the European Union after a 48-year partnership with the trading bloc.

At 11 p.m. on Thursday the time in London, the U.K.left the single market and customs union, a year after the country left the EU politically almost a year ago.

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Britain remained part of the EU economic structures until today.

The move had allowed people, goods, and services to flow freely across more than a dozen countries.

With the end of the economic partnership came a new trade deal with new restrictions.

“But to Brexit supporters, the arrangement reclaimed national independence from the Brussels based bloc,” noted the Associated Press.

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Simon Ateba
Simon Ateba
Simon Ateba covers the White House, the U.S. government, the International Monetary Fund, the World Bank and other financial and international institutions for Today News Africa in Washington D.C. Simon can be reached on simonateba@todaynewsafrica.com

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