Speaking with LBC News journalist Phillip Chrysikos Paul Grainger CEO of Complyport underlined that the UK economy is facing a hard Brexit on 31 December 2020. For firms that trade in goods and services with the EU this will mean facing tariffs and penalties from 1 January 2021. Financial services account for 10% of the UK’s GDP, some firms have already set up mirror operations in EU jurisdictions in order to ramp up the planning for a no deal Brexit.
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