Brexit... ...in brief
The new British Parliament has voted to leave the EU with an agreement, which will take place on 31 January 2020. Subject to ratification by the European Parliament of the exit agreement adopted on 17/10/2019, a transition period will open until 31/12/2020, extendable once for one or two years.
The purpose of this transitional period is to negotiate the agreements which will govern future relations between the EU and the United Kingdom. During this period, the UK will continue to apply and benefit from EU rules. In order for this transition to be extended, the UK must request for it before 1 July 2020.
In the absence of agreements between the EU and the UK during this transition period, the option of a hard-Brexit (divorce without agreement) is still possible.