ICAEW comments on post-Brexit trade deal

25-Dec-2020: Michael Izza, ICAEW Chief Executive, welcomed the UK-EU post-Brexit trade deal and the certainty around our future trading relationship with the EU. He added that no-one should underestimate the scale and complexity of the changes that companies will still need to cope with from 1 January.

Commenting on the UK-EU post-Brexit trade deal, Michael Izza, ICAEW Chief Executive, said:

“Today’s announcement is very welcome, and British business will breathe a sigh of relief to have certainty at last around our future trading relationship with the EU. The promise of zero tariffs and zero quotas is good news, but no-one should underestimate the scale and complexity of the changes that companies will still need to cope with from 1 January. We remain concerned that the provisional agreement has little to say about services, which are of such vital importance to the UK economy and this must be addressed in the near future. In particular, we hope that the recognition which the agreement does contain for UK solicitors, barristers and advocates will soon be extended to other professions.

“All this takes place against the intensifying battle against COVID-19, and many businesses around the UK are struggling with their cashflow and with disruption to their markets and supply chains. Despite their best efforts, many will find it impossible to be ready for 1 January. We urge government to recognise this and to spare no effort to minimise disruption and help companies adjust as quickly as possible.”