Brexit Leads to Changes for UK

Withdrawal from the Customs Union and the Single Market

On January 31, 2020, the United Kingdom left the European Union, but the changes didn't stop there. As of January 2021, the UK has also left the EU's customs union and the single market. This has led to several changes for the UK, including new customs checks on goods entering and leaving the country.

Impact on Businesses and Consumers

The changes have had a significant impact on businesses and consumers. Businesses are now facing new costs and delays, while consumers are seeing price increases on some goods.

Businesses

Businesses are now required to make customs declarations for goods entering and leaving the UK. This can be a complex and time-consuming process, and it can lead to delays in the delivery of goods. Businesses may also have to pay duties on goods imported from the EU, which can increase their costs.

Consumers

Consumers are seeing price increases on some goods as a result of the changes. This is because businesses are passing on the cost of the new customs duties to consumers. Some goods may also become less available as businesses decide to stop importing them due to the increased costs.

Outlook for the Future

The long-term impact of Brexit is still uncertain. The UK is now negotiating a trade deal with the EU, but it is unclear what the outcome of these negotiations will be. Until a deal is reached, the UK will continue to face challenges as it adjusts to its new relationship with the EU.