Although the UK officially left the EU on 31 January 2020, thanks to the agreed transition period, very little has changed - the UK continues to apply EU law, and any judgments from the Court of Justice of the European Union are still binding on the UK. The clock is ticking however and, now the deadline for an extension of the transition period has passed, it remains to be seen whether the government will manage to negotiate some form of trade deal before the transition period comes to an end on 31 December 2020.
Preparing for the situation on 1 January 2021 remains challenging for businesses. The detail of a long-term UK-EU trade deal needs to be negotiated and we don’t know how comprehensive it will be or if agreement can even be reached, leaving the prospect of a ‘no deal’ scenario at the end of the year still very much a possibility. The Brexit negotiations continue, and businesses need to monitor developments closely. It is only when businesses have certainty around future trading conditions that they will be able to make strategic plans with confidence.
At Shoosmiths, we have stayed close to developments and have welcomed discussions with our clients to help them with their preparations and risk analysis on Brexit.
We are also producing briefings across all specialisms to keep you informed of legal changes anticipated in light of Brexit.
Our most popular cross-service client briefing ‘Brexit -preparing for all eventualities’ summarises the main legal implications of Brexit across a number of disciplines and sets out steps that businesses can take now irrespective of the nature of any future trade deal. It can be downloaded here.