The EU’s single market rules created a trading bloc and customs union with 28 member states to guarantee free movement of goods, services, people and capital among EU member states. Since the UK joined in 1973, domestic and international legislation has been aligned with EU rules and conventions to create a single market for all its members.
The UK Government negotiated a Withdrawal Agreement with the EU, which will see the UK officially leave the EU by 31 January 2020.
On 1 February 2020, a transitional phase would commence during which EU laws, membership of the single market and customs union, EU trade policy and ongoing budgetary commitments continue to apply to the UK until a free trade agreement has been negotiated with the EU.
According to the UK Government, a free trade agreement could replace the transitional arrangements by 31 December 2020. If there is no prospect of a free trade agreement nor a request for an extension to the transition period then the provisions of the Withdrawal Agreement will be imposed and trigger the Irish protocol.
Our Brexit hub provides critical information for businesses and individuals that are involved with UK-EU trade and seek information about potential changes.