Britain has decided: BREXIT has now become a reality. The Brexit vote is likely to have an impact on the UK economy as a whole, but also on the longer-term status of the European Market. Terms for exit and the future relationship of the UK with the EU still need to be negotiated. Once an agreement is negotiated and in force, all remaining treaties will cease to apply to the UK. Furthermore, the EU, as a large and powerful trade bloc, has negotiated terms of trade with many other countries, including the USA, China and Japan. The UK, as an “EU leaver”, will no longer be a party to those agreements and would have to negotiate its own trade terms with each country and EU state itself.
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