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UK businesses face aggregate costs of up to 1.6 billion if no adequacy decision post-Brexit transition period, report finds

The cost to UK businesses of not receiving an adequacy decision from the European Commission could total between £1 billion and £1.6 billion, according to a new report by think tank New Economics Foundation and UCL European Institute.

The report, compiled from interviews with 60 EU and UK legal professionals, data protection officers, business representatives and academics, estimates average costs for impacted businesses could reach £3,000 for a micro business, £10,000 for a small business, £19,555 for a medium business and £162,790 for a large business.

Source: UK businesses face aggregate costs of up to 1.6 billion if no adequacy decision post-Brexit transition period, report finds

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