Prime Minister, Theresa May has promised a settlement that “addresses the concerns of the British people about free movement, while getting the best possible deal on trade and goods in service.” But while the terms of our separation from the EU are still being negotiated, British businesses are being urged to plan now for the opportunities and risks that Brexit brings. The latest draft of the withdrawal agreement provided some clarification on the transition period which is proposed to run from 29 March 2019 until 31 December 2020.
The transition period will effectively postpone some of the impact of Brexit, but that agreement is conditional on the overall terms of UK withdrawal being agreed.
With the government now publishing technical advice on the possibility of a ‘no deal’ outcome it is still too early to know what the impact of Brexit will be or even if a deal will be reached.
While we can expect that most EU law will remain applicable in the UK, as UK law, thanks to the EU (Withdrawal) Bill, and that decisions of the European Court of Justice will continue to have some jurisdiction over UK matters, the finer details are still unclear. The one thing we know for certain is that UK business is just as ambitious as before, and will need to explore opportunities outside of the EU even more urgently.
Our Brexit guide outlines some of the key areas that you may wish to consider and take action on now to take advantage of the autonomy that the UK will have when Brexit is finally settled. If you have questions on what Brexit means for your business, email [email protected] and ask our expert legal advisors.