It’s been three weeks now since the UK voted to leave the EU. However, the political turmoil that has followed has meant that we are no further forward in terms of knowing when the UK will give notice to the European Council of its intention to withdraw from the EU, how that will be achieved constitutionally or what the agreement for withdrawal will look like.
Reports of a formal legal challenge being mounted by a leading law firm on behalf of its clients has created further confusion and uncertainty over what the future will hold.
After over 40 years of EU membership, European laws touch upon many aspects of business life and operations in the UK. Unfortunately, until more detail is known about how Brexit will be achieved and managed, no-one can be certain about how legal rights and obligations derived from EU laws or linked to EU regulatory frameworks will be affected.
There are, however, certain things that we do know about how Brexit will impact on UK law. There are also certain steps that businesses can take now to manage the current climate of uncertainty and prepare ahead.
In this update, we take a look at the current relationship between EU and UK law and the basic principles that will apply upon Brexit, whatever form that takes. We also provide examples of laws that will, in the absence of specific government action, remain in force post Brexit (as well as some of those that will not). Finally, we suggest certain actions that you could take now, both to assess the impact that Brexit may have on your business and protect your future position.