The conclusion of the negotiations and the announcement of a deal between the UK and the EU on Christmas Eve 2020, has lifted many of the negative impacts a no deal would have brought upon the UK economy and business. Zero tariffs and no quota restrictions will benefit many although an expectation of increased declarations and bureaucracy remains and unknowns do still exist. These unknowns exist particularly around the impact of the non-continuation in ‘passporting’ and the ease of access for financial services into the EEA (both the EU and UK are seeking to agree a Memorandum of Understanding relating to equivalence and regulatory cooperation by the end of Q1 2021).
Trade uncertainty also continues as the negotiations for a trade deal with the US carry on and many middle-market business leaders are understandably watching this develop with interest throughout 2021.
As the post-Brexit process of assessing the impact of the deal continues, we will keep you up-to-date with developments that may affect your business, offering commentary on the facts as they appear and avoid unnecessary speculation. As ever, middle-market businesses now have to reactivate and reimagine their own direction and take appropriate, measured and pragmatic actions.
Across our five critical business areas, you can find insights on taxation, strategic business planning, talent and people matters, as well as regulatory impacts and trade deal announcements.
We’re prepared for both ongoing uncertainty but also opportunity during 2021.