Five years ago, on January 31, 2020, the UK formally exited from the European Union after 47 years of political ties, however, it remained within the EU single market and customs union for an additional 11 months to enable uninterrupted trade.
Brexit, a highly contentious issue, has been a dominant topic of political and social debate, with ongoing disputes about its repercussions.
In retrospect, BBC Verify has analyzed five significant ways in which Brexit has impacted Britain.
Economists generally regard the UK's departure from the EU single market and customs union on January 1, 2021, as having had an adverse effect on the country's trade in goods.
The negative impact primarily stems from the introduction of "non-tariff barriers," involving new and cumbersome paperwork for businesses engaged in EU trade.
While there are varying opinions on the severity of Brexit's specific consequences, it is evident that smaller UK businesses have been more adversely affected compared to larger enterprises.
Furthermore, the Office for Budget Responsibility (OBR) estimates that the long-term size of the UK economy could be reduced by approximately 4% due to the decline in trade following Brexit.
Post-Brexit, the UK has pursued independent trade agreements with countries like Australia, New Zealand, the US, and India; however, the economic benefits from these deals are seen as limited compared to the negative impact on UK-EU trade.
The end of free movement, highlighted during the 2016 referendum campaign, led to the implementation of a new post-Brexit immigration system in January 2021 requiring work visas for both EU and non-EU citizens, except for Irish nationals.
Moreover, Brexit has brought changes in travel rules, with British passport holders no longer eligible for expedited lanes at EU border crossings and the introduction of the European Travel Information and Authorization System (ETIAS) planned for 2025.
Regarding legal sovereignty, the UK has reclaimed the authority to develop its laws following Brexit, transitioning EU legislation into UK law known as "retained EU law."
Financially, the UK ceased contributing to the EU Budget on December 31, 2020, with estimated savings of around £9 billion annually, excluding the uncertainty related to future payments under the withdrawal agreement due to fluctuating exchange rates.
Despite these points, various Brexit-related implications remain unresolved, spanning areas such as fishing rights, farming, and defense, ensuring that discussions and analysis on Brexit's impact will endure for years to come.