In principle, nothing changes initially for citizens and companies as a result of the withdrawal of the United Kingdom. The Withdrawal Agreement provides for a transition period until 31 December 2020 in which EU law basically continues to apply to the United Kingdom and the United Kingdom remains part of the Single Market and the Customs Union.

For example, this means that the fundamental freedoms of the Single Market will continue to apply during the transition period. The United Kingdom must observe EU law and the jurisdiction of the European Court of Justice. Furthermore, it must not adopt any rules that are not in line with EU law during this period.

• What does the transition period mean for German employees in the United Kingdom and for UK employees in Germany?
  During the transition period, German citizens can make further use of the freedom of movement in the EU and live and work in the United Kingdom. The relevant EU provisions continue to apply. The same applies accordingly to UK citizens in Germany.
• What happens to deposits on accounts in the UK?
  German citizens can still transfer their savings to UK accounts and transfer them back again. The EU rules on a national deposit guarantee system are not affected by the transition period.
• How does the transition period impact on German tourists in the United Kingdom?
  Freedom of movement for EU citizens will continue to apply in the United Kingdom during the transition period, i.e. German citizens can travel to the United Kingdom for their holidays (and vice versa) just like before. They do not need visas or anything else.