Brexit overview
The UK has left the EU as a member on 31 January 2020. On 1 February 2020, a transitional phase commenced during which EU laws, membership of the single market and customs union, EU trade policy and ongoing budgetary commitments continued to apply to the UK. On 1 January 2021 the transitional arrangement was replaced with a free trade agreement (FTA), which is redefining the trading relationship between the UK and the European Union.
The EU’s single market rules created a trading bloc and customs union with its member states to guarantee free movement of goods, services, people and capital among EU member states. Since the UK joined the EU 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’s exit from the EU framework now brings significant change to how businesses trade with the EU.
Our Brexit hub provides critical information for businesses and individuals that are involved with UK-EU trade and seek information about the changes, which came into force on 1 January 2021.
