The United Kingdom officially split economically from the European Union on Thursday at 11 pm London time.
The official break comes after the United Kingdom reached an agreement last week that defined its economic relationship with the EU in the future, ensuring that the United Kingdom would not endure a “tough” Brexit without a deal in January.
The UK’s exit from the EU’s single market marks the biggest economic change for the country since World War II, according to The Associated Press.
“We have our freedom in our hands and it is up to us to make the most of it,” said British Prime Minister Boris Johnson in the New Year’s video, calling it “an incredible time for this country”.
There will be many who will be very happy to say goodbye to the severity of 2020.
But this was also the year in which we rediscovered the spirit of unity, of community.
In 2021, we will have freedom in our hands and it is up to us to make the most of it. Happy New Year! pic.twitter.com/gDRXe2SuCb
– Boris Johnson (@BorisJohnson) December 31, 2020
This break comes 11 months after the UK officially left the EU and entered a “transition period”.
While the blocking measures in the UK restrict mass meetings, some Brexit supporters gathered outside Parliament to toast the news at 11 pm, according to the AP.
The deal announced last week does not impose tariffs or quotas in the UK. However, businesses and traders will now face customs declarations and border controls.
The agreement also allows each side to use an independent grant control adjudicator to resolve any disputes.
One of the main provisions for both sides was an agreement on fishing rights for coastal cities in the UK and the EU.
Both the UK and the EU agreed to “establish a favorable climate for the development of trade and investment between them”, and the UK said it would implement new rules on EU fishing in British waters for 5 ½ years.