The Brexit transition period came to an end on 31 December 2020. The trading relationship between the UK and EU is now governed by the new Trade and Cooperation Agreement (TCA). Every organisation in the UK will have to take steps to ensure it continues to operate efficiently in light of the TCA regime.
Our specialist team of Brexit Advisers has been helping clients prepare for these changes since the EU referendum in 2016. Now that the TCA has been agreed, we recommend that organisations review their ‘day one’ plans for the end of the transition period in line with the suggested approach below.
- Review ‘day one’ outcomes
It is almost inevitable that, now that ‘day one’ has arrived, the actual outcomes and impacts your organisation experiences will differ to some extent compared to those that were expected. It will therefore be important to gather intelligence on these outcomes and impacts and take them into account in case they reveal particular opportunities or threats.
- Identify steps needed to remedy impacts
Identify and address the steps you should be taking to adapt your organisation to these outcomes and remedy any impacts. This may involve quickly rethinking or adjusting your ‘day one’ strategy, so it is important to allow for some flexibility.
- Implement your next steps plan
As well as tackling any immediate impacts on your organisation, it will be essential to look ahead to the coming months (taking into account the new regime introduced by the TCA) and to anticipate what additional risk management may be needed in light of further legal or regulatory developments on the horizon within the UK, especially areas where you expect material divergence from the EU27 position.
Our dedicated Brexit Advisers have been supporting clients on all these complex matters, and are on hand to provide practical advice and tailored solutions to help you and your organisation navigate the challenges and seize the opportunities that the new UK/EU relationship presents.