Although the UK officially left the EU on January 31, 2020, it was until December 31 of the year when the “transition period” was set to expire.rnBeing pressured by time and prism of a “no-deal” scenario that Britain's Office for Budget Responsibility had warned would reduce the country's economic output by 40 billion pounds ($54.1 billion) in 2021 and cost over 300,000 jobs, the British es-tablishment came to its senses and decided to give itself (and exhausted observers on both sides of the English Channel) a gift by reaching long-awaited trade con-sensus with the EU on Christmas Eve.