A thin and last-minute Brexit deal should give temporary relief to UK assets

The deal: the core of the deal is a zero-tariff/zero-quota free trade agreement for goods, but trade will be affected by new non-tariff barriers such as customs checks and compliance procedures. The deal is lighter concerning trade in services, and in most services sectors providers will need to seek approval on a case-by-case basis with national authorities.

Political implications: the British Prime Minister has fulfilled his promise of getting Brexit done, but the Covid-19 emergency is limiting his opportunities to reshape the British economy, notably by hindering any major investment plans.When it comes to the EU, the essential goals of the Brexit negotiation were met. EU countries showed that they were capable of maintaining a united front and any breaches in the integrity of the EU single market were avoided. With the Brexit ‘no-deal’ risk now out of the way, the EU will be able to focus on new projects in 2021.

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