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Brexit explained: What’s at stake for finance as UK and EU talks go down to the wire

Even with a deal, leaving the EU is forecast to shave 1% off UK GDP in 2021

Michel Barnier, European Union (EU) chief negotiator, leaves his hotel ahead of Brexit talks in London, UK, on 5 December
Michel Barnier, European Union (EU) chief negotiator, leaves his hotel ahead of Brexit talks in London, UK, on 5 December Photo: Chris J. Ratcliffe/Getty Images

The UK may have formally left the EU in January, but so far, almost nothing has changed. But in three weeks’ time, plenty will — perhaps radically.

For the past 11 months, the UK has been in a “transition period” during which EU law and trade rules still apply. But the scheduled end of the transition on 31 December is fast approaching, after which the UK will be thrown on its own devices, for good or ill.

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