Brexit is Done - 06/01/2021

Welcome to 2021. COVID-19 may still be with us, but Brexit has been done. A deal was dramatically reached on Christmas Eve, whilst the Transition Period ended on the 31st December 2020. The UK is now out of the Common Market and free to plot its own course: whatever that may be.

It is doubtful whether any other trade negotiation of this scale has taken place over such a condensed time and against such a dramatic backdrop. The talks were highly technical but also inevitably, highly political. Fisheries in particular have been an example of how a small sector on paper (the EU catch from UK waters is only around £650m) almost derailed discussions.

The House of Commons voted to approve the deal on 30th December by 521 votes to 73, whilst the House of Lords has also given its approval. It has yet to be ratified by the EU Parliament, however, to avoid a No Deal scenario the agreement has been given provisional application status, with MEPs likely to revisit the agreement in their January or February plenary sessions.

The deal is 1500 pages long and will be pored over by trade experts for a long time to come.

 

Credit: APSCo 04.01.2021

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