I hoped I would not have to write this post, but here we go…
Summary
- The Brexit referendum does not automatically mean the UK’s departure from the EU, but it will very likely start the process.
- Legally, the UK would need to start both an EU exit process (known as ‘Article 50’) and begin its own internal legal arrangements for exit.
- This is likely to take some time: at least two years for the formal EU exit and almost certainly several years more in practice for the full process to complete.
- Brexit will have a substantial impact on UK laws from employment to business regulation to intellectual property. Some areas, such as contract and corporate law, may be comparatively less affected.
- It is very early days yet and there is much still to be established – many businesses will likely adopt a ‘watch and wait’ approach in the short term.