On 31 January 2020 the United Kingdom left the European Union and is no longer represented in EU Institutions such as the European Commission, the European Parliament or the Court of Justice of the European Union. However current and future EU law will continue to apply in the United Kingdom until 31 December 2020. This briefing discusses the main changes that would apply to businesses should the United Kingdom exit the transition period on 31 December 2020 without a free trade agreement in place.