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THE BUSINESS OF INTERNATIONAL TRADE

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Business Secretary Urges Businesses to Take Action Before Transition Period Ends

Alok Sharma is calling on businesses to prepare now for when the UK-EU Transition Deal ends at midnight, December 31, 2020.

Published on October 12, 2020

Running Track 2021

The Business Secretary, Alok Sharma, is writing to 600,000 businesses today (Monday October 12), advising them to take action now to prepare for the end of the EU-UK transition period. The transition period is due to end on December 31, 2020, with the UK reverting to WTO trading terms with European Union nations from January 1, 2021, if a new agreement isn't finalised.

Mr Sharma will "call on businesses to familiarise themselves with the actions they will need to take, by visiting gov.uk/transition and using the checker tool."

Regulations relating to international trade will be particularly affected if no new agreement with the EU is made. The Business Secretary's letter follows a survey by the British Chambers of Commerce (BCC), which last month found that "only 38% of firms have conducted a Brexit risk assessment in 2020, compared to 57% of firms in 2019."

Explaining the letter, Mr Sharma said that "With just 81 days until the end of the transition period, businesses must act now to ensure they are ready for the UK’s new start come January. There will be no extension to the transition period, so there is no time to waste. I urge all businesses across the country to check gov.uk to see what action they need to take, sign up for updates, or attend one of our sector-specific webinars. Businesses have a crucial role to play in ensuring a smooth transition, and we will be there to support them through this change every step of the way."

Sector-specific webinars are being presented by the government throughout October, with the first due to take place tomorrow (Tuesday October 13th), with a focus on services and investment.

The full subject schedule for the webinars is below:

• Services and Investment - October 13
• Retail - October 14
• Automotive - October 14
• Metals and Materials - October 20
• Electronics and Machinery - October 21
• Consumer Goods - October 22
• Life Sciences - October 27
• Construction - October 28
• Aerospace - October 29

Businesses can register to attend these webinars by Clicking Here.

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