Impact of the EU Referendum
June 23rd 2016 will no doubt be seen as a defining moment in time for the UK. 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 negotiate separate trade agreements (eg: Switzerland).
What areas are likely to be impacted?
The impact of our exit from the EU is potentially far ranging. Data protection, IP registration and exploitation, software licensing, cross border tax, immigration laws and litigation are just some of the legal areas that will be impacted. There is little point trying to second guess the impact on these or other areas in the absence of any real clarity. Once we know more, we will ensure you are updated.
How can we prepare?
Whilst our exit terms are negotiated, businesses need to remain vigilant and aware of developments. We recommend that businesses:
How can Ashfords assist?
Our role as professional advisers is to keep you informed and up to date as the EU exit story unfolds. With this in mind we will be:
In addition, to assist businesses going forward we have implemented a number of initiatives:
We strongly believe that there is little point in providing information that is built on speculation. Businesses need and require strong professional guidance on the issues and decisions as they unfold and Ashfords are ideally placed to provide this. We look forward to assisting businesses on addressing the issues that they will face over the next few years but equally adapting and recognising the opportunities that will also undoubtedly arise.
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