The UK should get its adequacy decision from the EC
It is looking good for the UK.
The European Commission (EC) released draft documents indicating that they will find the UK guarantees a level of protection “essentially equivalent” to that provided in the EU (see link). This means that data transfers from the EU to the UK can continue unabated and without additional documentation.
As it currently stands, the UK currently has a temporary grant of adequacy until July 1, 2021 as part of Brexit to allow for the EC to issue an adequacy determination. If the EC did not find adequacy, then any EU party sending personal data would have to comply with the revised Schrems II assessments before they could execute Standard Contractual Clauses and transfer data, which would have adversely impacted the flow of personal data.