Going, going, gone . . .but change slow

LONDON: Brexit is the United Kingdom's biggest geopolitical move in decades. What will change when Britain officially leaves the European Union today?

Power: While the United Kingdom remains a member in all but name, it loses its vote in the meetings in Brussels that ultimately decide EU policy on matters ranging from financial services to the definition of a Europeanmade car.

The UK accounts for about 15% of the EU's economy and is its biggest military spender, and the City of London is the world’s international financial capital. But the UK's economy is about six times smaller than that of the EU.

People: British and EU citizens will continue to have the right to live and work in each other's countries until the end of the year because both sides agreed a transition period which preserves membership in all but name until 2021.

The British Government has told the estimated 3.5 million EU citizens living in Britain that they have until at least the end of the December to register to retain their rights.

Prime Minister Boris Johnson has said he will introduce a pointsbased immigration system after Brexit.

Companies and customs: The regulatory environment for companies will not change following Brexit because of the transition period.

After the end of the transition deal, UK customs will apply for goods coming from third countries to Northern Ireland only. For goods deemed to be headed for the EU market, UK authorities will collect EU tariffs.

There will be no customs checks on the island of Ireland: they will be done in ports. UK authorities will be in charge of applying the EU customs rules in Northern Ireland.

Trade: As soon as the United Kingdom formally leaves the EU it can start negotiating trade deals with other countries.

Money: There will in effect be no change for Britain’s vast financial services industry dealing with customers in the EU for the next 11 months because of the transition period.

The sector's future access to investors in the EU will be one of the first issues to be discussed and must be finalised by the end of June.

PHOTO: GETTY IMAGES A losing battle . . . AntiBrexit campaigner Steve Bray protests outside the Houses of Parliament in London yesterday. At 11am today the United Kingdom and Northern Ireland will exit the European Union, 188 weeks after the referendum of June 23, 2016.