The transition period put in place following the UK’s departure from the EU came to an end at 11:00 pm UK time on 31 December 2020. Under the new trading arrangements, finalised on Christmas Eve only a week before they were due to come into force, trade in goods remains tariff-free. At the same time, many impediments to cross-border flows of goods and services have been introduced where previously there were none. These changes are likely to have both short-term and long-term consequences for economic activity, both in the UK and in the EU-27.
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