The decision to leave the EU has inevitably caused an immediate economic shock around the world but with the decision now made the focus needs to turn to ensuring that businesses are given the best platform to understand the issues and maximise the opportunities that exit can bring.
What is the legal impact of the EU vote?
For the time being, very little. We expect the UK Government to serve notice to withdraw from the EU at some point in the near future. Prior to any exit, all European legislation will continue to be enforceable in the UK as it is now.
The extent to which our exit from the EU will impact on our legal position in the medium to long term remains to be seen as this depends on what terms we eventually agree with the EU (for example, whether we become a member of the European Economic Area (eg: Norway) or whether we negotiate separate trade agreements (e.g: Switzerland).
Our experts from across a range of our dedicated sectors are on hand to provide you with the necessary support and advice you need when we start to the leave the EU. Our comprehensive briefings can be found above they will be updated on a regular basis when more information is available on the approach being taken to withdraw from the EU.
While we do not expect the decision to leave the EU to result in major changes to corporate law, there are likely to be consequences in some areas, including competition, state aid, and the passporting regime applicable to financial services.
Restructuring & Insolvency
There are unlikely to be any immediate amendments to most of the law relating to insolvencies in this jurisdiction, although the area of cross border insolvency can expect to be impacted. However, with business increasingly conducted on a continental or global level, more insolvencies than ever have a cross border element.
The marine industry is a vital part of the UK's heritage and economy, involving its fishing, ports, shipping and many other marine-related businesses and services. It is also one of the industries most heavily regulated by the European Union within the UK. All this is now set to change in light of the decision to leave the EU - although opinions vary as to how drastic these changes will be.
Claimant and Defendant lawyers are used to applying many EU-based regulations and Directives to personal injury claims. We set out below some of the key areas where the EU has influenced personal injury law.
After invoking article 51, a two year exit is not long. How could Brexit affect legal remedies for UK accident victims and compensators? The answer depends how much political pressure will focus time and resources on amending personal injury laws as opposed to areas of law that influence national security and economic growth. Quite possibly, personal injury reform will be a low priority.
The UK's decision to leave the EU could have some practical consequences for litigation and dispute resolution. The greatest impact is likely to be procedural but the effects upon contractual arrangements in general should also be considered. A lot will depend upon the Government's negotiated outcomes and so at this stage, things are open to speculation. Click here to read our articles about litigation aspects of Brexit.
The UK's decision to leave the EU is likely to have profound effects on UK immigration law, potentially resulting in a single-tier immigration regime similar to the points based system which currently applies to non-EU nationals. Click here to read our articles.