In many areas, the exact consequences of the United Kingdom’s withdrawal from the EU are not yet clear. These depend heavily on various factors, such as the outcome of the exit negotiations, a possible transition period and a potential agreement on future UK-EU relations. Whatever arrangement is finally reached, it will inevitably be less deep and less extensive than full membership in the European Union. It is thus already certain that economic relations between the UK and the EU27 will suffer.
The close economic ties between the European Union and the United Kingdom go back a long way; far beyond the accession of the UK to the European Economic Community. Today, the United Kingdom is the second largest national economy in the European Union after Germany and occupies a key position in trade within and outside Europe.
Only on the day of the final ratification of the agreement between the European Union and the United Kingdom, it will be clear whether an unregulated exit of the United Kingdom can be avoided. Businesses must prepare accordingly in order to deal with this uncertainty.