So what happens next?
After months of negotiations, from 11pm (UK time) 31st December 2020 the UK has ceased to be a member of the European Union. The point of departure triggered the start of a “Transition Period” under the EU-UK Withdrawal Agreement, which expired on 31st December 2020 has now come to an end. From here forward the relationship between the EU and UK is governed by a new Trade and Co-operation Agreement (“TCA”) between the two parties. The TCA was concluded at the end of an arduous negotiation process, which had been made even more difficult by the COVID-19 crisis. The TCA facilitates tariff free, quota free trade in goods between the UK and EU.
News of agreement of the TCA eased concerns round the possible adverse effects of a “no deal” scenario at the end of the “Transition Period” under the EU-UK Withdrawal Agreement. However, much is still being questioned as to what the new deal means for how the UK and EU will continue to live, work and trade together, for both businesses and private individuals alike. Even with the TCA, the legal and business environment has changed.
Against this background, our sector experts are working closely with clients to advise on the legal considerations of Brexit for businesses and individuals and how best to manage their operations and investments in both the short and long term within the current regulatory framework and beyond.
In the articles below we are endeavouring to provide insight, in-depth analysis and an overview on key issues and likely implications for some of the key UK sectors by our industry experts. We will continue to provide guidance and insight when relevant.