Brexit: No extension to Transition Period

As anticipated, the UK Government opted  not to request an extension to the Transition Period. before the deadline of 30 June 2020.  Therefore, unless a future agreement on free trade between the EU and the UK is reached by 31 December 2020, the UK will fall back on WTO terms for all future trade after Exit day.

All eyes will now be on the European Council Summit taking place from 15-16 October 2020 by which point the EU hope to have concluded negotiations to allow sufficient time for the ratification of any agreement by both the European Parliament and the British Parliament.