Brexit – Keep Calm and Carry on running your business

In the somewhat frenetic atmosphere that has existed since the morning following the EU Referendum there has been a great deal of speculation so we thought it would assist to provide some facts.

Article 50 of the Treaty on European Union sets out the process for a member state to withdraw from the EU.

Until the Article 50 process is concluded, the withdrawing state remains an EU member with all the rights and obligations attached to all EU citizens, businesses and the member states themselves.

The purpose of the withdrawal negotiation is to ensure that the EU membership rights and obligations conclude in an orderly manner. They will need to cover matters such as the rights of citizens and businesses from the withdrawing state who are living or operating in other member states and vice versa.

Changes to key laws in the wake of Brexit could take years to accomplish and it is futile to speculate exactly what will and won’t change at this stage.

In terms of what happens in the forthcoming negotiations it is mere speculation at this stage and as is evident from the recent volatility both in the currency and equity markets and the equally volatile state of the leadership in the main political parties it is likely that there will be short term uncertainty.

At this stage we would advise against any knee jerk response and encourage everyone to remember the basics:-

1. Nothing has fundamentally changed in terms of the fact that the UK remains a great place to do business;
2. There will inevitably be change but as has always been the case this will give rise to opportunities as well as risks;
3. That unlike the political establishment which seems intent on giving no leadership it is incumbent on all those running their own businesses to concentrate on doing what they do best and lead their businesses.

Clearly, whilst matters remain uncertain the need to take clear advice is even more essential than ever particularly with regard to long term projects and how you may want to future proof them for all contingencies.

Having been in existence for nearly a hundred years Machins Solicitors LLP has a track record of providing assistance during other periods of uncertainty so if you are considering any significant project and want advice we will be happy to assist and provide pragmatic advice.

Please contact Mark Pelopida on 01582 514330 or [email protected]

This article was written for general information and is not to be relied on without obtaining specific legal advice.