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On December 31, 2020, the U.K. will leave the EU and, hopefully, embark on a new, independent relationship.
The U.K. cannot abandon the EU. The EU is the U.K.'s largest trading partner, receiving 43% of the U.K.'s exports.
A crash-out remains a huge economic and political risk for the U.K., one that should be avoided even as negotiations run past the end of the European Council meeting.