The United Kingdom is still coming to terms with the ramifications of its vote to leave the European Union, and political events are advancing breathlessly. It is too early to know what approach will be adopted by the UK following the referendum and, therefore, what the long-term political, economic and legal implications will be. If and when the exit procedure under Article 50 of the Treaty on European Union is triggered, the UK has two years to negotiate its exit before the EU treaties will automatically cease to apply. The legal landscape will therefore not change immediately.
In the short term, uncertainty is the only given. There will be market disruption and legal repercussions with which businesses need to grapple. In this alert, we set out some of the key areas of potential legal impact.