The referendum on the United Kingdom's membership of the European Union took place on 23 June 2016. With a turnout of over 71%, the final results are Leave winning by 52% to 48%, raising many questions regarding the legal consequences of this vote for the future status of the UK and its relationship with the EU.
Following on from our previous issue, this Client Alert proposes to give a high-level view of the main consequences and legal implications of a “Brexit”, notably regarding the withdrawal process, the possible options for the new status of the UK and the concrete impact in the shorter and longer term for companies, regarding notably access to the Single Market, competition rules and tax matters.
In a free and democratic process, the British people have expressed their wish to leave the European Union. We regret this decision but respect it. This is an unprecedented situation but we are united in our response.
Donald Tusk, President of the European Council
Please click on the file below to read more and download the full Client Alert.