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Brexit transition starts. What are the changes?  

kopiandproperty.com does not only write about property yeah. The Executive Editor has a business degree majoring in marketing as well as a Master of Business Administration (MBA). He takes interest in many issues and Brexit is one of them too. Well, it has finally come to that day when Brexit shall start its transition stage. If you have never heard of the word Brexit, please proceed to skip this article yeah. Nothing much will change for us here in Malaysia because the UK is not even within the top 15 trading partners of Malaysia today…

From wikipedia. Brexit is the withdrawal of the United Kingdom from the European Union. Following a June 2016 referendum, in which 51.9% voted to leave, the UK government formally announced the country’s withdrawal in March 2017, triggering the beginning of the Brexit process. This is a brief but comprehensively covered about the changes once BREXIT starts going into transition stage from 1st February 2020. Article in bbc.com

Some interesting ones include:

UK can now decide how much fish they want to fish from their waters… #2 – This is because UK Prime Minister Boris Johnson will have to be specially invited if he wants to join other leaders at EU Council summits in the future. British ministers will also no longer attend regular EU meetings that decide things such as fishing limits.

#3 The UK will be able to start talking to countries around the world about setting new rules for buying and selling goods and services. The MINOR issue is this. Out of the top 10 trading partners for the UK currently, 8 are from European Union members… click here to see who are those. Some transition period will be necessary even if they could replace most of the 8.

# Travel. When it comes to passport control, during the transition period, UK nationals will still be allowed to queue in the areas reserved for EU arrivals only. After this period, the UK nationals may queue up next to us when we enter any European countries from the UK. Definitely a small thing I guess.

# 4. Living and Working in the EU. Freedom of movement will continue to apply during the transition, so UK nationals will still be able to live and work in the EU as they currently do. The same applies for EU nationals wanting to live and work in the UK. After this period, UK nationals cannot just want to work in the EU and vice-versa. If we are a multi-national operating within Europe for example, guess where would we most probably be locating our HQ? I did not say it’s not London, ok. I am asking…

To read more, please do read the full article in bbc.com I think it’s brief and yet covered most of everything. By the way, that thinking about the economic costs as per my view is not just my view alone. Someone actually did some calculations and came up with this number. Happy reading to understand yeah. Brexit deal will leave the UK £70bn worse off than if it had remained in the EU

My opinion remains the same. Between staying and exiting for the UK, I would have preferred for the UK to remain. Yes, I am definitely on the UK’s side yeah. However, I think if the majority wants Brexit, then yeah, just have to follow what the majority have decided right. All the best yeah and of course I would love to visit the UK again in the very near future. A reference from XE.com for the latest exchange rate between Ringgit and Pound.

Source: ex.com dated 31st January 2020

Happy visiting.

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Charles Tan The Founder The Writer Kopiandproperty
Charles Tan

Charles is Founder of kopiandproperty.com He writes from his investment experience for the the past 20 years in investments including property, stock, unit trust and more as well as readings and conversations with many property gurus in the industry. kopiandproperty.com is an independent property blog which is not affiliated to any media company, property developer or even real estate agencies.

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