U.K. Companies Brace for Bumps on Brexit Homestretch
The UK exited the European Union on Friday, leaving the country’s economic relationship with Europe unclear. After a three year spell of uncertainty regarding Brexit, with investment declining and economic growth slowing, executives are unsure over essential tariff and regulation laws.
London and Brussels have agreed that their commercial relationship would remain unchanged, but only until the end of 2020. The relationship amounts to $850 billion in annual cross border trade. Businesses can operate as normal after the confusion of the past three years. Certainty regarding Brexit’s effect on the economy and business sector dissipated greatly after Prime Minister Boris Johnson’s election victory.