Legally, Britain left the EU on January 31 but has been in a standstill transition period during fractious talks to secure a free-trade agreement with Brussels. From, January 1, 2021, EU rules will no longer apply to the British people.
Access to EU markets will not be granted to banks, insurers and other financial firms based in Britain unless their home rules are deemed by Brussels to be "equivalent."
The post-Brexit deal will preserve Britain's zero-tariff and zero-quota access to the EU's single market of 450 million consumers, but will not prevent economic pain and disruption for both sides.
Britain-European Union ties will now be based on the 2020 divorce settlement, as well as the Trade and Cooperation Agreement sealed on Thursday.
Brussels has made Britain its last offer on fishing and it was down now to UK Prime Minister Boris Johnson to decide whether he wants a deal.
British PM Boris Johnson earlier said the EU has refused to negotiate seriously for an agreement on the future relationship between Brussels and London.
With just 10 days to go until the UK is due to leave the EU on October 31, UK PM Johnson's government planned to ask for a "straight up-and-down vote" on the EU divorce agreement.
UK PM Johnson's plan to put his Brexit withdrawal deal to the UK parliament was derailed after lawmakers voted to withhold a decision on the deal, a move that forced him to seek a third postponement of Britain's departure from the bloc.
The main sticking point in the Brexit deal is how to keep open the border between the British province of Northern Ireland and the Irish Republic, a member of the EU.
The bulk of the damage would be due to changes to market access driven by tariff and non-tariff measures, for example, regulations such as health and safety requirements or environmental standards, according to a research.
The British state is finding out just how difficult it is to extricate itself from the EU. On a whole set of issues it has shown itself to be ill-prepared and outsmarted by EU bureaucrats.
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