There will be no extra charges on goods (tariffs) or limits on the amount that can be traded (quotas) between the UK and the EU from 1 January
However, there will be extra checks at borders, such as safety checks and customs declarations, so businesses that rely on transporting goods to and from the EU will need to be ready
For services, including finance – which is very important to the UK economy – the situation is still slightly unclear. Services will lose their automatic right of access but the UK said the agreement “locks in market access across substantially all sectors”
There will no longer be automatic recognition of professional qualifications such as doctors, nurses and architects
Travel
UK nationals will need a visa for stays of longer than 90 days in the EU in a 180-day period
There will be extra border checks for UK travellers
The UK becomes an independent coastal state and can decide on access to its waters and fishing grounds
But EU boats will be able to fish in UK waters for some years to come at least
25% of the value of their current catch will now become available for UK fishing boats
But there will be a transition period of five-and-a-half years where that is phased in
After the transition period the UK and EU will regularly negotiate on access to each other’s waters
European Court of Justice
The UK will no longer be bound by judgements made by the European Court of Justice, Prime Minister Boris Johnson said
Security
The UK will no longer have automatic access to key databases, but should be able to gain access upon request
The UK will will not be a member of Europol – the EU’s law enforcement agency – but it will have a presence at its headquarters. This will be a similar to the arrangement the US currently has.
