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BREXIT: The UK officially leaves the European Union

4th January 2021

At 23:00 on 31st December 2020, the United Kingdom formally departed the European Union after its 11 month-long transition period came to an end.

After much delay and uncertainty, the government has finally reached a trade agreement with Europe which will allow goods to come in and out of the country without significant limitations.

This may provide an opportunity to strengthen trade deals with non-EU countries such as USA, Canada and Australia.

Prior to Brexit, businesses could trade freely with the 27 other member states in Europe without any restrictions.   

However, it is still unclear what the full ramifications of EU independence will be on the commercial real estate industry across the United Kingdom. For example, businesses looking to employ foreign nationals will need to make sure they meet a certain criterion of expertise.

After an extremely turbulent 2020, dominated by COVID-19 and the various reactionary measures implemented to keep staff safe and businesses afloat, companies will hope to rebuild and prosper from new regulations in 2021.

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