On January 31 the UK's withdrawal from the European Union took effect and a transition period began until December 31 this year, in which EU law will continue to be applicable in relationships with the United Kingdom, while waiting for a future agreement setting out the conditions governing bilateral relationships from that date onwards. Until this happens, companies crucially need to prepare contingency plans enabling them to anticipate and start preparing for any processes that will take longer and will be necessary to continue trading with the UK from 2021.
We look at the differences and advantages of the Spanish and UK systems, pinpointing the more favorable elements of the Spanish system, designed to give greater security and certainty to the investor.
A no deal Brexit could prompt legal action by the European Union against the UK to claim payment of the financial obligations it assumed before its exit. This massive lawsuit, over a sum possibly in the region of 50 billion euros, could have extremely serious implications for the UK as a sovereign state.