Brexit: A new era from 1 January 2021

A new era began in the European Union on the first day of the new year, as the UK’s exit from the EU, a procedure dragging on for several years, has finally ended. On 1 January 2021, the transitional period during which the old EU rules were still in place, including those on trade and employment, have expired, and from this point forward the United Kingdom is indeed considered a “third country”.

This has substantially transformed the economic and other relations that we have been accustomed to until now. This is true regardless of the fact that, at the last minute, on 24 December 2020, the agreement regulating trade relations between the European Union and the United Kingdom was concluded.

The changes mainly affect companies with trading partners and business relationships in the United Kingdom. What are the main effects of Brexit from a Hungarian perspective? What are some of the things to pay particular attention to? We provide a brief summary in the following.

To read the whole newsletter below.