Neil Warwick, EU and competition lawyer and business development partner at Square One Law, outlines the areas businesses should be thinking about addressing ahead of Theresa May triggering Article 50 in early 2017.
The recent American Presidential Election has managed to eclipse Brexit as the lead news story, and although many commentators continue to link the rhetoric in both events, the impact of the changes thrown up by Brexit are likely to last for a longer period than a Presidential term in office.
Leaving the EU, what happens now?
The political situation is still likely to remain fluid for a number of months. It is almost certain that there will be an appeal to the Judgement in R-v-Miller case, which has seen the High Court rule against the Government in favour of investment manager Gina Miller, along with a crowd-funded ‘People’s Challenge’ coalition, in saying Parliament should be consulted before Article 50 can be triggered.
These Court cases and the various constitutional arguments are fascinating and could ultimately end up changing the basis of the UK legal system. However, from a business perspective the implications are likely to be a little more mundane, but have a far greater reaching effect on the day-to-day running of a business.
How your business may be affected
We have created a simple guide showing some key areas which may be immediately affected by this changing landscape. It is not intended to be a comprehensive overview but it should help signpost businesses and business owners to which issues they should prioritise addressing immediately.
Keep a watching brief
The sort of issues outlined above are simply the first phase of what businesses are likely to encounter and we will be keeping this under constant review. The proposed Great Repeal Bill announced by the Government in October, may freeze existing EU law when it is enacted on the date we formally leave the EU, which will give some short term certainty. However, once new EU laws are implemented, British businesses may need to comply with the existing UK law and future EU legislation in order to continue trading with Europe. It will therefore be necessary to keep a close watch on how the trade negotiations develop.