On Friday 31 January, at midnight European time, the United Kingdom officially exited the European Union after 47 years. It marks the beginning of an 11-month transition period during which not much is going to change, though employers will be keeping a close eye on developments.
Trade negotiations. The transition period, which is currently set to last until 31 January, will see the UK temporarily remain in the EU’s single market and it will be a timeframe within which the country will want to reach a trade deal with the bloc. While the EU is hoping to conclude agreements on fishing, internal and external security and, particularly, trade, the UK is targeting a free-trade deal with the bloc, similar to that struck with Canada. The UK is hoping both to free itself as much as possible from EU structures and to sign as many trade deals as it can with other countries before the end of the year.
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