The United Kingdom is no longer a member of the European Union
and has entered into a transition period until December 31 2020,
unless an extension of 1 or 2 years is agreed by July 1 2020 (the
Brexit Long Stop Date).
During this transition period, the UK will continue to trade
with the EU in much the same way as it did before its exit.
Negotiations will take place throughout this year to determine the
future permanent relationship between the UK and the EU.
The UK’s Prime Minister, Boris Johnson, has repeatedly
stated that the transition period will not be extended beyond the
end of this year. This is an ambitious deadline to reach a
comprehensive agreement with the EU and the possibility of a
“no deal” Brexit remains an event for which companies
should prepare.
