On 23 June 2016, the UK electorate voted in favor of leaving the European Union. This is merely the first step in a very long road which will begin with the UK serving notice (two years) of its intention to cease membership. Whilst the UK will spend that notice period negotiating the terms of withdrawal from the EU, it will, at the same time, negotiate the terms of new trade agreements with third parties and other countries.
All businesses with operations in the UK, particularly those using the UK as a gateway to Europe, or those whose supply chains or regulators are based in the UK, will want clarity about their commercial and contractual rights and remedies. Whilst there are no automatic consequences of the leave vote, it is clear that by 2020, the UK will have implemented legislative change and determined new trade policies.
Our approach is to encourage all potentially impacted business to conduct a “Brexit audit” identifying dependence generally on the European Union and developing a plan to be ready to respond to these changes. Businesses can take action now to future proof against the levels of volatility and uncertainty we are seeing. For some, this creates immense opportunities; for others, it is about steadying the ship.
We are here to work with you and help you through the pre-withdrawal period. Our Brexit Committee is a team of experts to guide you through any immediate regulatory issues, offer advice on the implications of negotiating long term contracts, which will cross into Brexit, and work with you on the supply and movement of labour. Our trade experts are providing thought leadership on the possible alternatives to membership of the European Union and trade deals with other nations.