Filenews 12 January 2021 - Forbes
The debate over what the consequences of the UK's departure from the European Union would be seemed to have been before then-British Prime Minister David Cameron called a referendum on what became known as Brexit in 2015.
Now that the United Kingdom has officially left the European Union and a trade agreement between the two was reached in December, the consequences of this historic decision are no longer a matter of theoretical debate, but a daily reality for millions of businesses and business leaders.
Forbes follows the news about the practical impact of Brexit on British and European businesses.
The U.N. websites. Kingdom lose access to Domain ".eu"
Around 81,000 websites with .eu domains have been shut down as UK residents are no longer allowed to use this register. The website Leave.eu, which campaigned for Brexit, has transferred ownership of its domain to a non-EU resident. Kingdom in order to continue to operate.
UK saddle maker temporarily suspends UK sales
Brooks England has been producing bicycle saddles from its factory in Smethwick, West Midlands, since 1882 - but since 1 January, it has suspended sales in the UK. Since 2002 it has been owned by an Italian company, all its products pass through the Italian supply centre before being shipped around the world, and the new tax regime for exporters to the UK has increased so much red tape that companies find it difficult - or loss-making - to cope.
Big barriers for small businesses
The new trade rules come at a pressing time for small businesses that had already been forced to adapt to government lockdowns - but while EU-based businesses may simply decide, at least for now, to avoid sales to the UK, UK businesses face the most difficult option of quitting a market as big as the EU. The government and professional organisations can provide support to familiarise themselves with the new regulations.
Another deadline is pending
The agreement reached in December by the UK and the EU is not the last piece of the Brexit puzzle when it comes to energy trade. By April 2022, both sides must develop new "trade arrangements" governing trade in electricity and gas that takes place through interconnections across the Channel. The UK is a net importer of electricity, securing around 10% of its needs through interconnections with France and other EU states.
