The UK and the European Union are set to continue trade negotiations despite the Sunday 13th December deadline originally set.
The two negotiating sides declare they need to ‘go the extra mile’ in order to explore all avenues to agree upon what the future relationship will look like.
The legal standpoint means that on 1st January 2021, the UK will leave the EU with no deal and trade on World Trade Organization (WTO) terms unless a deal is agreed.
Prime Minister Boris Johnson warned that no-deal in now the ‘most likely’ outcome. Whilst the Sunday deadline has passed, there is no flexibility on the 31st December deadline.
It is forecasted that if the UK leaves the EU on WTO terms, up to 27,000 jobs could be lost in the professional clothing and textile industry.
As new rules will be put in place come 1st January 2021, businesses are not clear on what those rules may look like and as the final deadline approaches, companies are winding down the Christmas holiday, leaving little time for implementing changes.
The UK and EU have been negotiating with the EU since the British public voted in leave the European Union in the referendum called by Prime Minister David Cameron in June 2016.
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