Brexit Knowledge Hub
On 23 June 2016 the majority of the UK (c52%) voted to leave the EU in a “Brexit” referendum. Brexit will lead to one of the biggest demergers in history – the world’s 5th largest economy leaving the world’s largest economic group. This historic decision raises significant challenges and potential opportunities for all businesses that trade and operate in the UK.
The timetable for the UK’s withdrawal from the EU is governed by Article 50 of the Treaty on European Union (the Lisbon Treaty). The new UK Prime Minister is required to formally notify the European Council of the UK’s decision to withdraw from the EU. David Cameron’s public statement confirmed that any formal notification would not be made before October 2016.
Once the UK formally notifies of its intention to leave the EU, a two-year period of negotiation for exit pursuant to Article 50 will commence. Article 50 confirms that the EU shall, “negotiate and conclude an agreement with the UK setting out the arrangements for its withdrawal, taking account of the framework for its future relationship with the Union”.
The full consequences of the decision to leave the EU will not be known for some time. In the short term, nothing has changed. The UK remains a member of the EU and European law will continue to apply throughout the exit negotiation. Accordingly, all existing European laws and regulations will remain in full force and effect until the terms of the UK’s exit agreement has been concluded.
At MLP Law, we have been analysing the potential impact of the UK’s vote to leave the EU. Please click the below links for the latest updates and information on Brexit and what to expect for the future. We can help ensure that your business is prepared for Brexit and the legislative changes that will follow. We can also advise on the potential challenges and opportunities it may present.
- Brexit Timeline of Events so far…
- Commercial Dispute Resolution
- Commercial Contracts
- Intellectual Property
- Inheritance, Personal Taxation and Non-Dom’s
For more information on any of the above areas – or for any areas that aren’t listed you would like to know more about, please contact us at email@example.com or by calling our team on 0161 926 9969.