EU warns UK hours before Brexit, says 'no membership means no perks'

Britain will leave European Union after in just a few hours on January 31 at 11:00 pm (2300 GMT), depriving the 27-nation-bloc with 15 per cent of its economy, its biggest military spender, and world's international financial capital of London. However, on Brexit Day, the EU leaders have warned the British government about the cost of leaving the union which it had joined in 1973. 

European Commission President warns Britain

The President of the European Commission, Ursula von der Leyen made a statement in a news conference ahead of Britain's departure where she said that EU's experience has taught the leaders that 'strength does not lie in splendid isolation but in the unique union'. Furthermore, the challenges of Europe, as well as the opportunities, have not yet changed because of Brexit. The European Commission President also said the UK on January 31 that Britain should not expect 'the highest quality access to the single market'. 

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The EU further added that 'without being a member, UK cannot retain its benefits'. According to the bloc, without the free movement of people, there can not be free movement of capital, goods, and services. The British flags will also be lowered in Brussels later on Friday while the UK Embassy to the EU will also lower the EU's flag. 

However, even though most changes in Britain will not be immediate, it is essential to know what will exactly differ for the UK once it moves out from under the EU's umbrella. The changes will occur in the transition period negotiated between London and Brussels which would reportedly allow both sides to nurture the future relationship.  

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No representation in EU

Apart from Britain leaving the EU followed by Johnson's optimistic message, a lot of changes are in store for Britain in theory and in practice. Immediately after leaving the bloc, the UK will still be following EU law and its courts. However, Britain will lose 73 of its members of the parliamentary seats in the European parliament, including Brexiteers like Nigel Farage.  

Furthermore, in future EU summits, Johnson would require a special invitation to participate in them. Britain will also initiate trade talks with the EU but they will only be applicable after the transition period gets over on December 31, 2020. Reportedly, travel firms have assured people that nothing would change with subject to the travels until the transition period ends.  

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(With Agency Inputs)