News On Thursday 23 June 2016, the United Kingdom (UK) voted in a historic referendum to leave the European Union (EU); 51.9% chose for "Brexit" and 48.1% disapproved.Following this decision the UK may - firstly, Parliament must ratify the referendum - trigger Article 50 of the EU Treaty (TEU) and begin negotiations on the withdrawal out of the EU. These negotiations will last at least 2 years and will ultimately lead to an effective separation, although this period may be extended.
Right now, during the 2 years following the triggering of Article 50 of the TEU and the start of negotiations basically nothing will change.
The UK will continue to be a full member of the EU and the European legislation is fully applicable to all citizens and businesses in the UK. Free movement of goods and services between the EU and the UK will also be maintained until the effective exit; citizens and European companies will maintain free access to the UK and vice versa.
Thus, in the short term, from a legal point of view, we do not expect a lot of changes, although must be admitted that we arrived in an era of uncertainty, since it is impossible to know what will be the result of the exit negotiations between the UK and the EU. In such circumstances, it is likely that citizens and companies will tend to err on the safe side and that they will adopt a cautious approach and take into account the "worst case scenario".
You can count on our team if you need advice on the legal consequences that "Brexit" may have for you and your business.