Prime Minister Boris Johnson says these negotiations must conclude by December 31, meaning a no-deal Brexit if they are not, with Britain leaving on “most favoured nation” terms under World Trade Organisation rules. These are the same rules under which Britain currently operates much of its global trade, including with China, Russia and the United States, and is an acceptable default position.
By leaving the EU, Britain regains its sovereignty, with its government accountable only to parliament. It will make its own laws and control its money. Its judges will no longer be subordinate to the European Court of Justice, and British law will enjoy primacy over EU law. Britain will stop paying the EU annual membership fee of £19 billion (US$25 billion), be able to control its borders, have its own agricultural and fishing policies, and forge its own alliances.