The Pak Banker

Over and out: Britain readies to leave the EU

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Britain calls time on almost half a century of European Union membership this week, striking out alone in a historic move that has bitterly divided the country. At 11:00 pm (2300 GMT) on January 31, the UK will become the first country to leave the 28-nation EU, the world's largest single market area that it joined in 1973.

Nothing will immediatel­y change, owing to a transition period negotiated between London and Brussels to allow both sides to agree a new future partnershi­p. Britons will be able to work in and trade freely with EU nations until December 31, and vice versa, although they will no longer be represente­d in the bloc's institutio­ns. But legally, Britain will be out. The exit process has been tortuous, with the years since the 2016 EU referendum marked by bitter arguments that paralysed the government and forced two prime ministers to quit. Four years ago, 52 percent of Britons backed Brexit but 48 percent wanted to stay, and the country is still split between "Leavers" and "Remainers".

The political chaos came to an abrupt halt last month when Prime Minister Boris Johnson won a decisive victory in a general election with a promise to "Get Brexit Done".

The British parliament this week finally ratified the exit terms agreed with Brussels, and Johnson called on the country to move on. "Leave or remain, it's time to put the past behind us... unite the country and unleash Britain's potential," he said in an email to supporters this weekend. The next stage of Brexit will also be a challenge, however.

Johnson wants to negotiate Britain's new relationsh­ip with the EU, covering everything from trade to security cooperatio­n, by the end of the year. But Brussels says this is an impossible ask, arguing that London must either limit its ambitions or request more time.

"Muted celebratio­ns -

Johnson has been an enthusiast­ic supporter of Brexit since leading the 2016 campaign, and hailed a "new chapter in our nation's history".

But he is wary of the need to mark Brexit in a way that recognises how divisive it has been. Official celebratio­ns on Friday will be muted, limited to a special prime ministeria­l address and a light display in Downing Street.

Ten million commemorat­ive 50 pence coins will also be issued in the coming months, bearing the words "Peace, Prosperity and friendship with all nations".

Some euroscepti­cs had pressed for parliament's famous Big Ben bell, which is being renovated, to be brought back into action to ring out on Brexit night.

But it was dropped after concerns about the cost. Johnson initially asked for public donations, only for officials to admit this was not possible.

A countdown clock will instead be projected onto the black bricks of Downing Street, while Nigel Farage, another key figure in the 2016 campaign, will hold a rally in nearby Parliament Square.

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