As the deadline for the UK and EU trade agreement rapidly approaches, businesses on both sides of the channel are nervously waiting for news.
The 31st of December marks the end of the transition period, with the UK set to leave the European Union fully. Without a trade agreement, businesses will face tariffs and additional costs to trade between the two regions.
Negotiations have been ongoing for months, but progress has been slow. The issue of fishing rights has proved a sticking point, as well as the level playing field on issues such as workers` rights and environmental standards.
There is hope that a deal will be reached before the deadline. However, time is running out, and businesses are being advised to prepare for a no-deal scenario.
A no-deal Brexit could have catastrophic consequences for both UK and EU businesses. Tariffs could make goods more expensive, imported goods could face delays at the border, and regulatory burdens could make trade more difficult.
The uncertainty surrounding the trade agreement has already had an impact on businesses. Investment has been put on hold, and companies have been stockpiling goods in anticipation of potential disruptions.
The UK government has published guidance on a no-deal Brexit, encouraging businesses to prepare for potential disruptions to trade. This includes understanding the new customs and border procedures, ensuring compliance with regulations, and seeking professional advice where necessary.
In summary, the deadline for the UK and EU trade agreement is fast approaching, with businesses on both sides of the channel awaiting news. While a deal would be preferable for all, companies must prepare for the potential of a no-deal Brexit. This means understanding the new customs and border procedures, ensuring compliance with regulations, and seeking professional advice where necessary.