Originally written by Partner Content on Small Business
Brexit was officially set in motion last month and the UK’s withdrawal from the European Union is already underway. From January 31, 2020 until the end of December 2020, the UK and EU will be in a transitional period of alignment with the EU during which both parties will hopefully negotiate new trading agreements. Interestingly, the implementation of the UK’s withdrawal from the EU is already throwing up some concerns about how UK businesses are likely to fare at the end of the transitional period.
Brexit will affect everybody living in the UK and in the EU to varying degrees and businesses on both sides of the divide must be ready to adapt to new realities as free trade of products and services and the free movement of people happen under a new set of rules.
A state of uncertainty
For the rest of 2020, businesses are likely to be stuck in limbo even though they are theoretically supposed to be operating under existing trade agreements. The fact that businesses don’t know how the business landscape, their relationship with EU counterparties, tariffs, paperwork, or shipping routes might look like in the next 10 months is precipitating