On June 23, the UK electorate took the historic decision to leave the European Union, a process that has never been undertaken by any member state. While the vote itself does not trigger the process of exit from a legal perspective, it has already caused significant domestic political upheaval.
The ultimate impact of the decision to exit, or even the precise route by which an exit would be effected, cannot be predicted with any degree of accuracy, but it is clear that a re-calibration of Britain’s relationship with Europe may have far-reaching consequences for British businesses and those considering investing in Europe. This note has been prepared to provide a summary outline of the immediate and longer-term process for Britain’s anticipated exit from the EU. We also set out certain areas of immediate interest: tax, anti-trust, state aid, disputes, data protection, employment, financial services and debt financing. We will be providing further analysis as various issues become clearer.
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