Post-Brexit deal

Britain and the European Union wound up their latest round of post-Brexit trade negotiations.
Both sides ruled out a quick deal but voiced hope for agreement in the coming months.
The UK formally left the EU on 31 January 2020 and immediately entered into an 11-month transition period.
During this period, the UK will continue to follow all of the EU’s rules and its trading relationship will remain the same.
However, it is no longer part of the EU’s political institutions – so there are no longer any British members of the European Parliament (MEPs) in the European Parliament.
The transition gives both sides some time to decide the terms of the future UK-EU relationship.
The UK will leave the single market and customs union at the end of the transition.
A free trade agreement will allow UK goods to move around the EU without extra charges and keep other barriers (like checks) to a minimum.
If an agreement cannot be reached by 31 December, then tariffs (taxes) and full border checks will be applied to UK goods travelling to the EU.
A deal has to be reached and ratified by all 27 EU member states and the UK Parliament.
Failure to do so would see ties reduced to minimum standards set by the World Trade Organization, leading to high tariffs and serious disruptions to business.

Source: TH

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