This note offers a brief overview of what is happening and how business can react as well as an overview of the main options available for the UK in framing its future relationship with the EU. It then provides a slightly more detailed assessment of the legal implications of the Brexit vote and the process for withdrawal from the EU followed by some detail on the options for a future UK trading relationship with the EU and with third countries.

I. What is happening and how will it affect trade and regulatory law in the UK? -

The UK must quickly identify preferred options for its future trade policy in order to limit the uncertainty created by the Brexit vote. The Government will be looking for input on the detailed priorities of UK industry for its trade relations with the EU and with the rest of the world ahead of forthcoming negotiations. Companies will need to consider their entire supply chains in order to fully assess the impact of the various options facing the UK and the impact of tariffs, origin rules, regulatory commitments, subsidy commitments, government procurement and other aspects of trade negotiations.