Following the vote to leave the European Union, the political, legal and economic ramifications of this decision are likely to be significant. While a number of EU leaders are calling for a quick break, the UK Government seems in no rush to trigger the withdrawal process under Article 50 of the Treaty of the European Union and, even following notification, the procedure may take up to two years from such date.
While in the short term, as the UK remains part of the EU and subject to its legal system, there are unlikely to be any notable regulatory changes, it will be beneficial for businesses to plan for the eventual exit as soon as practicable.
As the UK Government begins the process of unravelling the UK legal system from the EU, deciding which regulations remain in place and which are to be repealed and/or revised, the impact of these changes will be seen whatever size your business is. From small family firms to multinational corporations trading in the UK, the challenges may differ but will ultimately remain.
There will be a long period of uncertainty that is likely to impact heavily on how businesses operate, and having sound legal advice will be key to navigating the tumultuous waters. By understanding some of the many factors at play, businesses can begin to prepare contingency plans for each eventuality, shoring up their position in the face of the wide-ranging changes on the horizon.
The experts at Progeny Corporate Law are on hand to assist with any questions.
Elizabeth Turner, Consultant at Progeny Corporate Law, has over ten years’ experience working in international law firms in both London and Brussels, and has also spent time with the EU’s Directorate General for Competition. This places her in a unique position to assist with any questions you may have regarding the impact Brexit will have on your business.
To arrange a meeting with Elizabeth, please contact Progeny Corporate Law on +44 113 467 0778 or email Elizabeth at [email protected].