Brexit - What happens next?

Five years ago, 17,410,742 people in the UK voted to sever ties with the European Union, culminating in our official withdrawal on 31 January 2020 and the start of a Brexit transition period. Following months of complex negotiations, an eleventh-hour agreement defining the UK’s future relationship with the EU came into effect on 31 December 2020.

The potential no deal outcome which would have seen the UK default to World Trade Organisation tariffs was finally averted after a consensus was reached on a number of significant outstanding issues including fishing rights in UK waters. Passed by the House of Commons with an overwhelming majority of 448 votes, the trade deal cleared Parliament and became law in a single day, in stark contrast to the many previous votes when it had been impossible to achieve a breakthrough.

Under the terms of the 1,200 page agreement, tariff free trade is guaranteed on most goods, establishing a platform for long-term cooperation. New rules have however come into effect across an array of different areas from travel, immigration and living and working abroad to security and data protection, supply chains, law enforcement, professional services and education. This fundamental shift in the EU-UK relationship marks an end to almost 50 years of economic integration.

Below is a series of briefings produced by some of our practice area and sector teams on the implications of leaving the EU for both businesses and private individuals. If you need direct support in managing the impact of Brexit, please speak to your usual Penningtons Manches Cooper contact in the first instance.