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1/ U.K. and EU Brexit negotiators have reached a last-minute trade deal, averting a disorderly divorce with days to spare.
Here’s what will change on Jan. 1, and what it means for businesses (thread)
https://trib.al/3V6YlTH
Here’s what will change on Jan. 1, and what it means for businesses (thread)
https://trib.al/3V6YlTH
2/ The trade deal between Britain and the European Union comes as a relief for many businesses.
But while it may mitigate some of the worst disruption they face, it won't be a full substitute for membership of the bloc. https://bloom.bg/3nPcFpl
But while it may mitigate some of the worst disruption they face, it won't be a full substitute for membership of the bloc. https://bloom.bg/3nPcFpl
3/ With the U.K. no longer part of the EU's customs union and single market, trade won't flow as smoothly as before.
Companies will need to file new paperwork, and their products risk being held up at the border. https://trib.al/NzLOLm6
Companies will need to file new paperwork, and their products risk being held up at the border. https://trib.al/NzLOLm6
4/ Changes have landed days before the Brexit transition period ends on Dec. 31, giving businesses little time to prepare.
That's left British firms pleading for a grace period to help them adjust. https://trib.al/dkC7KrO
That's left British firms pleading for a grace period to help them adjust. https://trib.al/dkC7KrO
5/ The financial services industry also faces months of uncertainty.
The City of London’s fate rests on a separate process called equivalence. Access is granted by the EU, remains far from certain, and could be withdrawn at any time. https://trib.al/yO7JTR8
The City of London’s fate rests on a separate process called equivalence. Access is granted by the EU, remains far from certain, and could be withdrawn at any time. https://trib.al/yO7JTR8
6/ The U.K. has averted a complete breakdown in formal trade ties with the EU.
But it's still confronting the biggest reset of an advanced economy's commercial relations since World War II. https://trib.al/XtMbQY5
But it's still confronting the biggest reset of an advanced economy's commercial relations since World War II. https://trib.al/XtMbQY5
7/ The realities of Brexit may have political ramifications within the U.K. too.
Boris Johnson faces a battle with Scotland in the coming months that could also decide the union's future direction. https://trib.al/P8F17Qs
Boris Johnson faces a battle with Scotland in the coming months that could also decide the union's future direction. https://trib.al/P8F17Qs
8/ Our experts are picking over the detail of the deal.
See their analysis, and reaction from business, on our live blog.
/ends http://trib.al/kSElyWu
See their analysis, and reaction from business, on our live blog.
/ends http://trib.al/kSElyWu
