Leaving will allow the U.K. to boost British trade with the rest of the world and set laws to shape its economy and society without interference from Brussels, they say. For businesses, the keenest changes on Jan. 1 will be felt by British exporters and importers trading with the EU. The IfG, a nonpartisan think tank focused on policy-making, said U.K. services firms will also face local restrictions depending on the laws that individual member states apply to non-EU firms. The U.K. Treasury has granted temporary permission to EU firms offering a range of financial services to U.K. clients, but the EU has done the same only for clearing some financial assets through U.K. exchanges. EU officials have said they cannot give any timeline for giving equivalency to the U.K. financial services sector, though the two sides are supposed to establish an agreement on cooperation on financial regulation by the end of March.

Source: Mint January 01, 2021 06:00 UTC