The EU is currently considering whether to renew its decision of adequacy for the UK’s data protection regime, and it may not be a foregone conclusion.
A number of civil society organisations are lobbying the European Commission not to re-adopt the UK’s adequacy decision without some meaningful reforms.
They are arguing that some changes in the UK have watered down privacy and data protection regulations in the name of simplifying things. They cite the Data (Use and Access) Bill, recent amendments to the Investigatory Powers Act, and provisions that endanger both automated decision-making rights and encryption.
EDRi have a thorough explanation at https://edri.org/our-work/uk-data-adequacy-under-scrutiny-civil-society-warns-eu-not-to-reward-deregulation-disguised-as-simplification/ if you would like to know more.
Realistically, it is inconceivable that the adequacy decision will not be renewed. It would require significant amounts of work if you use processors or share data with organisations in the EU, and it has consequences reaching even further. Let’s remember that the UK adequacy decision with the US is just an extension of the EU-US Data Privacy Framework.