Our experts identify the key issues to consider as the UK prepares to exit the EU.
On 23 June 2016, 17,410,742 people in the UK voted to leave the European Union. Article 50 of the Lisbon Treaty was triggered by Theresa May on 29 March 2017, meaning that the UK will exit the EU on 29 March 2019.
The UK and the EU will have until this exit date to negotiate terms unless transitional arrangements are agreed that enable discussions to continue beyond March 2019. It is important to remember that until the exit date, EU law will continue to apply in this country and there will be no immediate change in the way that people move or trade. Businesses should however start to consider now how Brexit may affect them so that appropriate measures can be put in place well in advance of the exit date. These will be dependent on the sector and the cross-border nature of the business.
The discussions on the terms of the UK's exit began in Brussels on 19 June 2017. Agreement will need to be reached on a number of matters, including the costs that the UK will have to pay the EU on exit; its trading relationship with the EU; immigration and border controls; the proposed regulatory framework; state aid; research and innovation programmes across the EU and UK; and defence and security cooperation.
The Prime Minister has announced that her government will introduce a Great Repeal Bill revoking the European Communities Act 1972, which provides legal authority for EU law to have effect in the UK, and transfer all EU laws currently in force onto the UK statute books. The Bill is expected to be published this summer and will come into operation before the exit date.
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.