Our experts identify the key issues to consider following the UK's EU referendum result
On 23 June 2016, 17,410,742 people in the UK voted to leave the European Union. This landmark decision is expected to have a significant impact on our business and day to day lives although its full effect will not be clear for some time.
It is important to remember that until the UK formally leaves the EU, EU law will continue to apply in this country and there will be no immediate change in the way that people move or trade. In order to exit the EU, a notice will need to be served on the European Council in accordance with Article 50 of the Lisbon Treaty.
Service of the notice will trigger a negotiating period with the remaining EU states on the terms under which we will exit the EU. This will last until the agreed departure date, or for a maximum of two years from the notice if we have not reached agreement by then, unless all 28 member states agree to extend the two-year period.
During this time, the Government will have a substantial job to do in negotiating new trade deals, considering its stance on immigration and identifying which of the UK’s laws need redrafting and which should be repealed. As EU regulations will cease to apply in the UK, these will all have to be replaced or re-enacted by equivalent UK laws.
Below is a series of briefings produced by some of our practice area and sector teams on the implications of the UK’s vote to leave the EU for businesses and private individuals. If you need direct support in planning for the likely impact of Brexit, please speak to your usual Penningtons Manches contact in the first instance.