The news regarding the conditional agreement between the EU and UK on the terms of a 21 month transition period is welcome. However, as both sides have made clear: nothing is agreed until everything is agreed. We will only know at the end of the Article 50 process whether a cliff edge has been avoided. That is, at the earliest, near the end of 2018.

With 12 months to go, businesses have no choice but to make plans and will face tough calls on when to put them into practice.

We have prepared this short booklet looking at the kinds of issues that businesses are facing and the kind of responses they may need to make.