The United Kingdom is scheduled to leave the European Union (EU) at 1100 local time/UTC on 31 January 2020. According to the withdrawal agreement between the U.K. and the EU, the U.K. will enter an 11-month transition period, during which the EU and U.K. are expected to formalize their future relationship through negotiated trade deals. The transition period is expected to end on 1 January 2021.

Analyst Comment: Although the U.K. is scheduled to formally leave the EU on 31 January, the U.K. will continue to operate under EU rules and regulations through the transition period. U.K. nationals will no longer be considered EU citizens, although they will retain the same rights and free movement through the EU until 1 January 2021.