Brexit: What’s Next?

The full consequences of Brexit will play out over the long term.

Before Brexit, “four freedoms” – the unfettered movement of goods, services, people and capital – characterized the relationship between the United Kingdom and the European Union. In the final days of 2020, the two parties concluded the Trade and Cooperation Agreement that will govern their relationship from 2021 onward.

The goal of the agreement was to create a framework that ensures fair global trade between the two groups, in which neither’s practices would create unfair advantages. Terms of trade regarding the four freedoms are restricted rather than relaxed, making implementation...