It was a nail-biting finish, almost. The saga that was Brexit stretched on to the last minute, with uncertainty about whether the European Union and the UK would strike a trade deal or see an acrimonious ‘no-deal’ split. A historic trade deal was finally signed on December 24, a week before the end of the Brexit transition period, triggering relief on both sides.
The days following January 1, 2021 have been bumpy, with expected issues on the EU-UK borders – especially for freight operators. “As already seems to be the case after the first few days, the new arrangements are not without their challenges in terms of paperwork and red tape,” says Joe Hepworth, director of OCO Global, and founder of the British Centres for Business (BCB).
“It seems that companies had preempted this (as well as a no-deal scenario) by stockpiling ahead of the year-end, so volumes have been relatively low. I would expect to see an increase in issues and frustration around all of the new processing that needs to take place as things pick up again,” he adds.
It will take time to understand how smooth the transition will be, says Stephen Watson, partner at Expense Reduction Analysts, UAE.
“After many years of being tied to an economic union, I am sure there will remain some significant challenges on exit. There are still a number of contentious areas such as rights to fishing and some significant matters not yet addressed such as the role the city of London plays in a banking and finance context. Consequently, it’s likely we are only seeing the tip of the iceberg in terms of next steps for Brexit,” he elaborates.
In a note last month, consultancy PwC also cautioned that it is important to remember that while a deal has been agreed, it is not all encompassing.
Continue reading your story on the app
Continue reading your story in the magazine
The big picture
The Journey of Humanity is the world’s largest canvas painting. Dubai-based artist Sacha Jafri raised $62m from the sale of it, all of which will now be given to charity. Here’s what it took to create one of the biggest artistic, social and philanthropic projects of its kind to date
Navigating the Experience Age
We have an opportunity to transform and redefine travel by exploring how virtual and real experiences might complement one another
Explainer: Have workplace savings plans taken off in the GCC?
Having a pension solution ensures that the employer sets aside a defined amount on a periodic basis for end of service benefits
Calling the right numbers
Standing apart and making a mark in the regional telecom industry has been challenging and yet rewarding, states Mountasser Hachem, founder and CEO of Monty Mobile
Building a golfing legacy
Indian businessman Sudesh Aggarwal will launch the inaugural Emirates Amateur Golf League – the world’s first franchise-based amateur golf league – this November in Dubai
Ricardo Guadalupe, CEO of Hublot, took a Swiss watchmaker that was only known among a select few and transformed it into a larger-than-life phenomenon. Here’s how he did it
Phi Trends: Healthy growth for alternative therapies
The market for alternative therapies such as gene-based solutions has garnered investor interest due to advancements in recent months, states entrepreneur and investor Shailesh Dash, who shares his perspective in this monthly column
Primed for growth
Abu Dhabi-based Yas Holding is rapidly expanding its portfolio across key sectors such as healthcare, education and technology. Group CEO Murshed Al Redaini reveals how the company has tackled the Covid crisis and its ambitious plans for the future
Why are we in a digital disarray?
It’s about time all of us seriously reflect on how we break this addiction
Riding the wave
UAE homegrown boat manufacturing business, Gulf Craft, helmed by Mohammed Hussein Alshaali, has built itself into a world-class player – evident in the new Majesty 175 which conducted its first sea trials earlier this year
“Put It on the List”
I went over everything Alex needed to do while I was away. Burp the pickles. Water the plants. Drain the compost. All he said was…
AMAZON WINS EU COURT FIGHT OVER $300 MILLION TAX RULING
In the latest setback to European Union efforts to tackle corporate tax avoidance, a court on Wednesday annulled a ruling by the European Commission that a tax deal between Amazon and Luxembourg’s government amounted to illegal state support.
UBER TO RECRUIT 20,000 UK DRIVERS ON POST-LOCKDOWN DEMAND
Uber plans to recruit 20,000 more drivers in the United Kingdom to help fill swelling demand for rides as the country’s coronavirus lockdown restrictions ease.
Secret Pentagon Warning
U.S. BRACES FOR WORLD WAR 3!
‘BRITCOIN' DIGITAL CURRENCY BEING CONSIDERED BY UK
British authorities are exploring the possibility of creating a new digital currency that Treasury chief Rishi Sunak touted as “Britcoin.”
EU PROPOSES RULES FOR HIGH-RISK ARTIFICIAL INTELLIGENCE USES
European Union officials unveiled proposals for reining in high-risk uses of artificial intelligence such as live facial scanning that could threaten people’s safety or rights.
Hands Off My Football Team!
The European Super League followed a model shaped in the U.S. Opposition from fans scuttled the idea
CHEF JUDY JOO: We'll Be Back STRONGER THAN EVER
THE CELEBRITY COOK AND RESTAURATEUR TALKS ABOUT THE IMPACT OF COVID ON THE HOSPITALITY INDUSTRY— AND WHAT DINING OUT WILL LOOK LIKE IN THE FUTURE.
The U.K. Wants to Clean Up Space
The amount of debris in orbit is an increasing danger—and a potential market opportunity
STARVING FOR MORE CHIPS IN A TECH-HUNGRY WORLD
As the U.S. economy rebounds from its pandemic slump, a vital cog is in short supply: the computer chips that power a wide range of products that connect, transport and entertain us in a world increasingly dependent on technology.