The Brexit deal - what does it mean for UK businesses?

It has been announced that Theresa May is seeking Cabinet approval for a possible Brexit deal which, if approved (and an announcement is expected soon), will then be put to the vote in Parliament. Although people from across the political spectrum will have their objections to the proposed deal, many would welcome the certainty and relative stability that having a deal in place is likely to bring.

The deal, crucially, is not intended to govern the future trading relationship with the EU, only the transitional period and what happens if the future trading relationship cannot be agreed by the time the transitional period expires. In this sense, even if the deal is approved by all parties, it is only half the story and the detail of how Britain and the EU will trade post-transitional period is yet to be agreed (although some guiding principles for this have been agreed in a non-binding political declaration).

We will be providing guidance and holding events to help UK businesses and individuals prepare for the Brexit transitional period and for the implications of the proposed deal, once the detail of the deal is made available.

Of course, it is not a foregone conclusion that the deal will be approved and so, for the moment, no-deal Brexit remains a possible scenario and businesses and individuals should continue to prepare for this possibility.

If you would like to discuss how best to prepare please visit the dedicated Brexit section on our website or contact one of our lawyers on 0161 941 4000.