Inadequacy = £1.6bn to commercial lawyers
It’s the end of the week and – yet again – a last minute post-transition Brexit trade deal is in the balance. This is no time for predictions, but here’s why it’s in everyone’s interests to secure a deal that includes an EU adequacy ruling on UK data protection rules.
According to a report from New Economics Foundation and UCL European Institute ‘The Cost of Inadequacy’ if the UK’s rules aren’t considered adequate by the EU then a raft of new contractual arrangements using standard contractual clauses (SCCs) will be required.
“The aggregate cost to UK firms would likely be between £1 billion and £1.6 billion.”
Most of which would be be spent on commercial lawyers.
And no-one wants that.