After Brexit – Thinking Ahead

After almost 4 years of negotiations, the UK has formally turned its back on the European Union (EU) and almost half a decade of membership in the world’s largest single market.

However, the Jan 31st deadline arrived with more of a fizzle than a bang.

Although the UK has officially left the EU, there is still an 11-month transitional period whereby we must still abide by the same rules as the other member states. The transitional period ends on 31st December 2020.  During this time, the nuances of the separation will be agreed and finalised.  Without question, the forthcoming months will shape the country and its’ importance on the global stage for decades to come.

Throughout the recent General Election, Boris Johnson was adamant that he would successfully deliver Brexit within this timeframe and ensure that the UK had a coherent and attractive trade agreement with the EU – the alternative being that the UK leaves without a trade agreement or a ‘No-Deal’ Brexit.  This would hurt any UK business that currently move goods across the border, as there would almost certainly be an introduction of trade tariffs.

Labour rights are going to be a key focal point of negotiations.  The EU is concerned that the UK will attempt to deregulate workers’ rights and use cheap labour to undercut EU businesses.  The EU will be pressuring the UK to provide assurances that this will not be the case before they sacrifice any trade tariffs.

The Prime Minister is attempting to position the UK as a strong player within the World Trade Organisation (WTO) and plans to agree to separate trade deals with the likes of Beijing and Washington.  However, whilst he may want to focus attention on deals to be struck on a tour of former colonies, the looming clashes with the EU surrounding trade tariffs and workers’ rights are bound to take centre stage in the upcoming negotiations.

Author

Featured articles
How can a book or a small habit change transform your life?
Feel overwhelmed by investment options?
Yorkshire 3 peak Challenge Completed
Case Study: Estate planning – BPR/Trusts/Wills
Transform Your Financial Destiny: Empowerment Through Education
Investing with Purpose
The Three Peaks Challenge
wealth strategies
Financial Planning Across Life’s Stages: Wealth Strategy Tips for the UK
Mastering Change with The Quantum Programme
Learn to enjoy money
Learn To Enjoy Your Money
Get rich schemes
Are Get Rich Schemes Worth It?
Avoid Pitfalls When Making Financial Gifts
Welcome to Damiene
Welcome to Dan!
foresight bank holiday
Foresight Wealth Strategists Bank Holiday.
Mark Hughes - Charity Bike Ride
Mark Hughes helps to raise over £8,000 for local charity
How Safe Is Your Final Salary Pension?
Financial planning
Mastering Financial Planning Techniques with Foresight: Your Path to Empowerment
Spring Budget 2024
Key Dates in March
Vacancy – Receptionist/Admin person
Children Should Be Saving For Themselves
Tax doesn’t need to be Taxing
Recommended Internet Provider
Get to know: Josh Lenihan, Senior Wealth Strategist
Considering Animals and Pets in your Will
Solidus Achievement of Excellence for Estate Planning 2023
Get to know Mike Barnes
Vacancy – IFA Administrator
A week in the life of…Work Experience
A week in the life of…Work Experience
Foresight Shortlisted for Money Marketing Awards 2023
Can I stop my spouse sharing my inheritance on divorce?
2023 Budget Announcement
Professional Advisor Nominations
Webinar: When is the best time to sell my business?
ISA deadlines for 2023
Vacancy – Client Manager
Simple change in your habits can spark massive growth in your life?
Welcome to Thomas
Case Study: John and Linda’s Financial Success Story
Torn Will triggers £800k family dispute

See all blogs by: