Although the UK has now officially left the European Union as of Friday, January 31st, 2020, NO rules will change during the transition period that will be in place until the last day of 2020. The parties will be using this time to negotiate a trade agreement that will govern their relationship beginning January 1st, 2021. EU laws and regulations will continue in effect until December 31st of this year thereby ensuring that companies can continue to operate under the status quo during this period.
Formal trade negotiations are expected to begin in March and both parties have already began expressing their views and expectations on this negotiations. Although it is far from certain as to what if any agreement can be concluded by the end of the year, what is certain for industry is that the uncertainty is sure to continue for the remainder of 2020.
For more information on the current situation, the possible scenarios that could evolve over the Implementation Period, and what companies need to consider, please refer to CTPA’s Brexit Planning for What’s Next.