The UK has made its choice and is to leave the European Union.
Thursday’s vote to leave the EU does not automatically mean the EU Treaties and legislation will no longer apply in the UK. It is merely the first step in a long series of negotiations to determine the shape of the separation process, assuming that the UK Parliament follows the vote. This process will begin with the UK Government discussing and deciding when to notify the European Council of its intention to withdraw from the European Union in accordance with Article 50 of the Treaty on the European Union. The exact timescale within which this notification will take place is unclear. However, the UK Prime Minister, David Cameron, has indicated today at his resignation that it would be for the new prime minister to carry out negotiations with the EU and invoke Article 50.
Impact areas to consider, in light of the regulatory upheaval likely to be generated by Brexit, include:
- Review of contracts
- Possible issues in choice of jurisdiction, enforcement of judgments and service of proceedings
- Fluctuation in import and export tariffs
Click on the links above to read about each of these issues in more detail or, to read the full article, click here.
Our dedicated team of specialist lawyers have considered how Brexit will impact across your sector and our sector-specific publications can be found by clicking here.
As the new legal landscape begins to take shape we can help you to steer your business through the challenges and new opportunities that these changes will inevitably bring. Please contact our team of sector specialists for further information and support.