As the UK is currently in the EU it is subject to the GDPR regime adopted by the European Union with regards to data protection standards.
The UK has expressed that it intends to diverge from the current EU data protection standards. This means that in order to prevent complications the UK should implement an adequacy agreement similar to the ones that the EU enters into with countries that are not part of the Union.
There are now concerns that this cannot be reached in time and that there will not be an appropriate transition period and that the UK’s current framework is not equivalent to that of the EU.
Unless this is agreed upon prior to the UK’s exit this may cause many unforeseen problems with industry.