Brexit transition phase ends in 81 days.
The UK government has urged entrepreneurs to prepare for the end of the Brexit transition period. There were only 81 days before the deadline, said Minister of Economics Alok Sharma on Sunday. “Businesses need to act now to ensure they are ready for the UK restart in January.” The transition phase will not be extended. “So there is no time to waste.”
Great Britain left the EU on January 31st. Until the end of the year, the existing rules for the internal market will still apply in a transitional phase in which future relationships are to be clarified. British Prime Minister Boris Johnson has set a deadline of October 15 for an agreement. The negotiations are stalling. Should both sides be left without an agreement at the end of 2020, the economy fears considerable losses in bilateral, previously duty-free trade. The UK Commerce Department argues that regardless of the outcome of the negotiations, companies should prepare largely in a similar manner. This includes clarifying the residence rights of foreign employees.