UK warns of 'bumpy' post-Brexit transition despite deal

Four days after sealing a free trade agreement with the European Union, the British government warned businesses to get ready for disruptions and “bumpy moments” when the new rules take effect on Thursday night.

Businesses were scrambling Monday to digest the details and implications of the 1,240-page deal  sealed by the EU and the U.K. on Christmas Eve.

"I think business is broadly in a good place," said cabinet office minister Michael Gove. "But inevitably, with any change, with any transition, there are occasional bumpy moments and that's what our government is there to help business, to be ready."

EU ambassadors, meanwhile, gave their unanimous approval Monday to the Brexit trade deal with the U.K. Germany, which holds the EU presidency, said the decision came during a meeting to assess the Christmas Eve agreement.

The UK left the EU almost a year ago, but remained within the bloc's economic embrace during a transition period that ends at midnight Brussels time -- 11 p.m. in London -- on December 31.

(Image Credit: AP)