Brexit deal explainer: What the future holds

The Brexit  journey kicked off in 2016 when 52% of people voted in a referendum to leave the European Union.

The debate on Brexit divided the UK, with some fighting to stay in the EU and others pushing for the UK's exit.

The controversial  debate on Brexit eventually led to the resignation of former Prime Minister David Cameron. For two and a half years, the debate about how Britain will exit the EU has been followed by chaos and resignations. 

On November 14, Theresa May presented an EU exit plan to the cabinet. While she received backing from senior ministers, the proposal was rejected by the opposition and members of her party.

On Thursday, two ministers resigned stating their disapproval of the proposal.

Over 40 years after joining the EU, the UK has a draft agreement on the table that will need the approval of parliament. The Brexit deal is expected to be finalised at the EU Summit on November 25. 

Britain's exit from the EU is not as simple as Brexiteers would have wanted. The conditions of the deal are rather binding in terms keeping old commitments. 

Here are some of the key things to take away from the almost 585 page long proposal

1.The Brexit transition will take 21 months as of 29 March 2019. If needed, Britain can extend the transition period beyond 2020. Britain will also pay annual fees for the transition process.

2.During the transition, the UK will lose EU voting rights and will have no influence over decision making processes of the EU.

3. There will be an EU equivalence tool for banking. According to Reuters, British banks will now have the same access to the EU financial market as other non-EU countries. 

5. The UK will pay the EU money based on the previous commitments they have made to the EU budget. According to The Financial Times, UK Treasury expects to spend between 40 to 45-billion Euros on payments to the EU.

6. There is a Northern Ireland "backstop" that would provide Northern Ireland with a special status to keep it in the European single market in post-Brexit.