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FX.co ★ Queen Elizabeth signs Brexit bill into law

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Forex Humor:::2021-01-08T09:04:46

Queen Elizabeth signs Brexit bill into law

Queen Elizabeth II has given the Brexit Bill her Royal assent. The bill outlines the terms of cooperation between London and Brussels after the UK's withdrawal from the European Union. Now this document has officially entered into force, said the Speaker of the House of Commons, Lindsay Hoyle.

Once the Brexit agreement has passed the ratification process, it will determine the terms of the cooperation between the parties. The post-Brexit transition period, which has kept the UK attached to most EU rules, expired on December 31. Therefore, the UK has officially departed from the EU. The divorce process between the UK and the EU has been lasting since 2016. The country will finally leave the single market and the EU customs union.

In order to adopt this document as soon as possible, UK lawmakers had to return earlier from the Christmas holidays and promptly approve it first in the lower House of Commons, then in the upper House of Lords. After that, the bill must be signed by the head of state, Queen Elizabeth II.

The European Commission will have to complete the entire ratification process until February 28, including a vote by the European Parliament. From January 1 to February 28, the post-Brexit agreement should be ratified by the EU.


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