Editing Economy of the United Kingdom (section)

==European Union membership==
The proportion of the country's exports going to the EU has fallen from 54 per cent to 47 per cent over the past decade. The total value of exports however, has increased in the same period from £130 billion (€160 billion) to £240 billion (€275 billion).<ref>{{cite web |url=http://euobserver.com/news/123132 |title=New UK reports back EU powers, enrage eurosceptics |date=13 February 2014 |access-date=16 February 2014 |publisher=EUobserver}}</ref><ref>{{cite web |title=Balance of EU competences review: research and development |date=13 February 2014 |url=https://www.gov.uk/government/consultations/review-of-uk-and-eu-balance-of-competences-call-for-evidence-on-research-and-development| publisher=UK Government |access-date=16 February 2014}}</ref>

In June 2016 the UK voted to leave the EU in a national referendum on its membership of the EU. After the activation of Article 50 of the Lisbon Treaty, the UK had been set to leave on Friday 29 March 2019. However the leave date was extended to Friday 12 April 2019 and then extended again to Thursday 31 October 2019,<ref>{{cite news |title=Brexit: All you need to know about the UK leaving the EU |work=BBC News |date=21 May 2015 |url=https://www.bbc.co.uk/news/uk-politics-32810887| publisher=British Broadcasting Corporation| access-date=6 May 2019 }}</ref> and then extended again until Friday 31 January 2020 with the ability to exit earlier.<ref>{{Cite news|url=https://www.bbc.com/news/uk-politics-50205603|title=PM agrees to Brexit extension – but urges election|date=28 October 2019|access-date=28 October 2019|language=en-GB}}</ref> The future relationship between the UK and EU was under negotiation until the end of October 2019. UK economic growth slowed during 2019, with uncertainty over Brexit and a world economic slowdown blamed.<ref>[https://www.theguardian.com/business/2019/nov/11/uk-avoids-recession-brexit-gdp-figures-economy UK avoids recession but Brexit uncertainty damages growth] ''[[The Guardian]]''</ref>

The UK left the EU in January 2020. On 16 July 2020, the government of UK affirmed that businesses across the United Kingdom, after the transition period ends, will continue to enjoy internal trade and jobs would remain protected against uncertain environment . From 1 January 2021, the powers which were previously exercised at an [[EU]] level in at least 70 policy areas were to directly transfer to the devolved administrations in [[Edinburgh]], [[Cardiff]] and [[Belfast]] for the first time.<ref>{{cite web|url=https://www.gov.uk/government/news/government-acts-to-protect-jobs-in-every-part-of-the-uk|title=Government acts to protect jobs in every part of the UK|access-date=15 July 2020|website=Government of UK}}</ref>