United Kingdom To Back Out From European Union On January 31

The United Kingdom will leave the European Union on January 31. 

This follows the ratification of the Brexit bill approved by both the Houses of Commons and Lords by Queen Elizabeth on Thursday.

British Prime Minister, Boris Johnson, will mark the cut-off from the EU with the issuance of commemorative coins and the chairing of a special cabinet meeting in England’s pro-Brexit North.

“At times it felt like we would never cross the Brexit finish line, but we’ve done it,” Johnson said after he had gotten both houses of the British parliament to ratify the withdrawal bill on Wednesday.

“Now we can put the rancour and division of the past three years behind us and focus on delivering a bright, exciting future.”

Analysts say Johnson is sacrificing the short term reality of a weaker UK economy to deliver on his promise of midwifing Brexit. 

The UK will now face the task of negotiating trade deals with countries individually, a journey it already started with the UK-Africa summit attended by Nigeria’s president, Muhammadu Buhari.

Getting favourable trade deals from ex-colonies like Nigeria might not pose a serious problem, thanks to the UK export finance Scheme, which gives loans to importers in states like Nigeria to buy UK made products.

Britain is expected to find it hard to deal with the EU however, as it enters an unscripted economic relationship.