During January, Prime Minister Boris Johnson, President of the European Council Charles Michel, and President of the European Commission Ursula von der Leyen signed the Agreement on the withdrawal of the United Kingdom from the European Union and Euratom, which was subsequently ratified by the European Parliament.

A transition period will commence on 1 February and run until 31 December, during which the United Kingdom will continue to apply European legislation, despite no longer having representatives in the EU institutions. During this period (which may be extended by mutual agreement by 1 July 2020 for one or two years), the United Kingdom will remain part of the European Single Market and the Customs Union and must negotiate a new treaty with the EU to govern future bilateral relations.

The Confindustria Lombardia system will closely monitor upcoming developments to assess their impact on the economic system and provide prompt assistance to businesses.

Further information on the contents of the Agreement and the consequences of the United Kingdom's withdrawal from the EU is available at this link