British government urges companies to prepare for time after Brexit

Economy Minister Alok Sharma

Alok Sharma emphasizes that the transition period will not be extended: “So there is no time to waste.”

(Photo: Reuters)

London The UK government has urged entrepreneurs to prepare for the end of the Brexit transition period. There were only 81 days before the deadline, said Minister of Economics Alok Sharma on Sunday. “Companies must act now to ensure that they are ready for the UK restart in January.” The transition period will not be extended. “So there is no time to be wasted.”

Great Britain left the EU on January 31st. Until the end of the year, in a transitional phase in which future relationships are to be clarified, the existing rules for the internal market will still apply. British Prime Minister Boris Johnson has set a deadline of October 15 for an agreement.

The negotiations are stalling. If both sides are left without an agreement at the end of 2020, the economy fears considerable losses in bilateral, so far duty-free trade. The UK Commerce Department argues that regardless of the outcome of the negotiations, companies should prepare largely in a similar manner. This includes, for example, clarifying the residence rights of foreign employees.

More: Premier Johnson: Brexit trade pact is better for both sides


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