Any chaos will be in Kent ( and other UK lorry parks )

The UK Government  narrative is clear. If there's friction exporting to the EU and it's "all a bit slipshod and disorganised and there's therefore chaos because of failure of the EU to plan" then HMG is going to blame the direct consequences of leaving the Customs Union and Single Market on the EU. We've left the EU and at the end of the year we exit the Withdrawal Agreement's Transition Period that's been in place since the 1st of Feb. During the Transition Period we continued to be in the Customs Union and Single Market although no longer an EU member. That's what's kept our imports and exports flowing freely since then. It means we're yet to feel the practical effects of Brexit. Next year the EU will continue to exist and operate its Customs Union and Single Market. With or without an FTA, as we'll be outside the Customs Union and Single Market and a third country, all our exports to the EU will be subject to checks at the border. Wh
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London's Financial Market post Brexit

London's financial institutions are going to have an interesting six months.

While the UK Treasury says agreement should be easy because the UK and EU are currently closely aligned, Barnier points out

"But let us have no illusions: The UK will progressively start diverging from the EU framework.
This is even one of the main purposes of Brexit."

and

"But things have to change. The UK and the EU will be two separate markets, two jurisdictions.

And the EU must ensure that important risks to our financial stability are managed within the framework of our Single Market ecosystem of legislation, supervision and jurisdiction. 

Having been Commissioner for financial services, I can reassure you that I know well the EU’s capital markets and the role of the UK in some parts of that market. As does Executive Vice-President Dombrovskis."

Also,

"What does this mean in practice?

It means that you need to get ready for 1 January 2021!
  • We now know that the transition period will not be extended.
  • The EU was open to an extension. But the UK refused. It is the UK’s choice.
So, 1 January 2021 will bring big changes.

UK firms will lose the benefit of the financial services passports. This should not come as a surprise to you. We have been warning about this for the past 3 years.

Furthermore, as you know well, in some areas – such as insurance, commercial bank lending or deposit-taking – EU law does not provide for the possibility to award equivalences that would grant market access to third-country firms.

In these areas, if British firms want to provide services in the EU, they must ask for an authorisation in the EU. Or comply with all the relevant national regimes of those EU Member States where they want to continue to be active.

Nothing in the agreement that we are negotiating will change this!
These are automatic, mechanical consequences of Brexit"


All from Barnier's speech.

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