INSIGHT: A Brexit it is then! What now?
So there it is! The UK have voted to leave the EU. It’s the end of era – or will be once the government negotiates how the Brexit will actually work.
We’ve set out below a few key points for businesses and some basic guidance on what to do now.
Key points for businesses
- The effect of the decision is not immediate. The likely next step is for the UK government to serve formal notice on the EU of their intention to leave. That triggers a 2 year period to negotiate the terms of the departure. With David Cameron’s resignation, we do not know who will be negotiating those terms.
- There are, however, other options for dealing with the decision to leave – only time will tell which route the government will take.
- We do not know the actual date the UK will leave the EU.
- In the meantime, our laws will remain the same, there will still be freedom of movement in the EU for workers and trading arrangements will also remain the same – at least for now.
What now for businesses?
- Keep tuned in to what the government is doing to leave the EU – and what effect their decisions might have.
- Talk to your staff – particularly if they are non-UK. David Cameron sought to give reassurance this morning (24 June 2016) that workers’ freedom of movement will remain (for now) but employees are bound to feel uncertain about the future.
- Talk to your non-UK trading partners. Reassure them that it’s business as usual but acknowledge that your contracts might need to be reviewed depending on what kind of Brexit is agreed.
You might also want to read the following articles:
To discuss how the decision to leave the EU might affect your business, speak to one of our Commercial Team :
- Christopher Burke (dispute resolution)
- Richard Eastwood (financial services and wealth management)
- Keith Kennedy (commercial and corporate law)
- Susan Mayall (employment law)
- Michael Pitt and Karen Piontek (property law including purchases, sales, development work, conveyancing and landlord and tenant law)
Also in this issue of Insight
- What might the Brexit mean for your business?
- What effect might the Brexit have in the workplace?
- A Brexit it is then! What now?
- Where has the Brexit vote left the investors?
Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.
This blog was posted some time ago and its contents may now be out of date. For the latest legal position relating to these issues, get in touch with the author - or make an enquiry now.