The United Kingdom formally leaves the European Union starting Jan. 31 and enter an 11-month transition period - Photo by DowningStreet 10 Office

JAKARTA (TheInsiderStories) – The United Kingdom (UK) formally leaves the European Union (EU) starting Jan. 31 and enter an 11-month transition period. Related to the “exit”, Prime Minister Boris Johnson called on the British people re-united after years of Brexit‘ tough processes.

“Everybody we should all think of ourselves now. This is the time when dawn breaks and the curtain rises to a new phase,” Johnson said, as quoted at his office statement on Thursday (01/30).

Earlier, British’ finance minister, Sajid Javid, has said that a trade agreement with the EU would be a top priority after his country left the bloc. Beside, the kingdom also looking other trade deal with other countries.

As reported, the European Parliament gave its final approval the UK’ Brexit deal to take place on Friday. The withdrawal agreement was approved by the parliament on Wednesday evening by 621 votes in favor, 49 against and 13 abstentions.

Commenting on the historic importance of the vote, most speakers on behalf of the political groups highlighted that the UK’ withdrawal will not be the end of the road for the EU – UK relationship and that the ties that bind the peoples of Europe are strong and will remain in place.

While, president of European Central Bank, Christine Lagarde, stated, “I am sad to see our British friends leave the EU. We will act within our mandate to ensure Brexit causes as little disruption as possible for the citizens, employers and financial markets of the euro area. We look with confidence towards the future, united as Europeans.”

On Thursday, Bank of England hold its interest rates at 0.75 percent as its monetary policy committee decided the improvement in business sentiment since the general election made an immediate cut unnecessary. On the Brexit, the central bank dealt a blow to Johnson’ government by further downgrading its view of the underlying prospects for the economy to their lowest level since the second world war.

The central bank estimated Britain’ economy would be able to grow at only an average rate of 1.1 percent over the next three years without sparking damaging inflationary pressure. This is less than half Javid’ ambition of boosting the growth rate towards 2.8 per cent.

Brexit is an abbreviation of Britain and Exit. This abbreviation appears after the announcement of the results of the referendum held on June 23, 2016. The referendum was taken to decide whether Britain should continue to join the European Union or leave membership.

A light show will be displayed at the official residence of Johnson on Downing Street on the night of Jan. 31.

Written by Staff Editor, Email: theinsiderstories@gmail.com