The United Kingdom has enacted adequate data laws to allow data flow to continue with Europe. The Financial Times reports that a formal decision on this could be announced next week.
The paper says it has seen a draft agreement between Europe and the UK that allows data to continue to flow as it does today. Temporary measures are currently in place, but they expire in June.
For example, a formal agreement between the British and Europe may support cooperation in the judiciary. When Britain left the EU, it lost access to important databases such as the European Arrest Warrant System and the SIS II Police Database. A deal would be good news for thousands of companies (especially in the healthcare, technology and insurance sectors). After all, companies like this exchange a lot of personal customer data, which can be difficult in the post-Brexit period. If no agreement is reached, British companies will face serious legal issues.
If an agreement is concluded, it must be approved by the European Court of Justice. It is more than a ritual. A similar agreement between the United States and Europe (privacy shield data transfer arrangements) had to be amended due to a complaint by well-known Austrian privacy activist Max Shrems.