Britain may have exited but “Brexit” is far from finished. Here are 5 terms you’ll be hearing a lot of over the next year.
The transition period started on February 1st and is intended to allow time for the UK and EU to agree their future relationship. During this time the UK will have no say in the making of new EU laws and will have to follow all existing EU rules
It’s due to last until is due to last until the end of this year.
Level playing field
This is a trade policy that has a set of common rules and standards that are used to prevent businesses in one country undercutting their rivals in another, the EU are keen to do this in areas such as workers' rights and environmental protections.
The EU’s Canada trade deal took ten years to negotiate and gets rid of most, but not all tariffs on goods traded between the EU and Canada.
It also increases quotas (that's the amount of a product that can be exported without extra charges) but does not get rid of them altogether.
And it does little for the trade in services, particularly almost nothing for financial services, which is vital for the UK economy.
Boris Johnson has also mentioned having an arrangement with the EU similar to Australia's.
However, the EU doesn’t have a free trade deal with Australia.
They are in negotiations for one, but they currently operate mainly on World Trade Organisation (WTO) rules - i.e. it would simply equate to No Deal.
So what are WTO rules?
The World Trade Organisation is the place where countries negotiate the rules of international trade - there are 164 members and, if they don't have free trade agreements with each other, they trade under "WTO rules".
Every WTO member has a list of tariffs (taxes on imports of goods) and quotas (limits on the number of goods) that they apply to other countries. This could mean the U.K. will have fewer access to codes at higher prices.