21 January 2021

Brexit update: what's the deal?!

regulatory updates

what could the UK-EU trade deal mean for you and your business?

A lot has changed in 6 weeks since our last Brexit article! Just when we all thought that Brexit would no longer occupy any more airtime or headspace, it seems like everyone is trying to tell us what we should or shouldn’t now do. In this short update, we seek to quickly answer the important questions that we set out in our December article.

have Britain and the EU been able to strike a meaningful trade deal?

On Christmas Eve, the UK and EU announced that a deal had been reached. *Breathes sigh of relief*. Although it doesn’t cover everything, it is a solid start towards building a mutually beneficial trade relationship.

what do I need to know about data transfers?

The UK is waiting for the EU’s ‘adequacy decision’, which will dictate whether the UK has sufficient data protections to transfer data to and from the EU. This could take months. In the meantime, the UK and EU have agreed a 4 to 6 month transition period in which the UK can continue to handle data as usual. Keep in mind that, come April, things could change and you will need to be ready! For starters, you will need to map the personal data that your company handles. From there, you can quickly put agreements and processes in place which ensure that you are compliant.

will there be tariffs on trade of goods from now on?

On the whole, there will be no tariffs or limits on goods traded between the EU and UK. This is great news for UK traders. That said, keep in mind that new border checks will be introduced which require businesses to complete certain processes to avoid disruption!

what do I need to know if I supply services into the EU?

Unfortunately, the trade deal is near-silent on services. Service providers will lose their automatic right of access to EU markets and will now face restrictions. Businesses will have to be prepared to follow each member state’s rules from now on. If you think that this could apply to you, you should make a comprehensive list of all of the member states that you deliver services into and consider each member state’s national rules and regulations.

are we still within the jurisdiction of the ECJ?

From now on, the ECJ will have no role in the UK. Disputes that cannot be resolved between the UK and the EU will be referred to an independent tribunal instead.

ask yourself… are you ready?

Although this short piece very briefly covers the main areas of the Brexit deal, there is plenty more important information to come. We can’t stress this enough, if you have not yet considered what changes you need to make following Brexit, now is the time!

Are your data transfers all lawful? Are you delivering services into the EU? Could there be national regulations in place that you are not aware of? Are you simply unsure of how this all applies and would appreciate a relaxed chat about it?

Give us a call, we would love to discuss and see how we can help.

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