Brexit and You
Whether or not you have business or investments in the UK or the EU, you may be directly affected by the UK’s surprising vote to leave the EU. Here’s what you need to know.
Officially, nothing much changes immediately. Until the UK invokes Article 50 of the Lisbon Treaty, the EU withdrawal notice, long-standing legal policies like free-trade and free movement of EU citizens between the UK and the EU continue. Once the UK gives its Article 50 notice, however, negotiations will begin between UK and EU officials to adapt the UK’s post-withdrawal relationship with the EU and non-member countries, like the U.S. that have no direct trade and similar treaties with the EU. Many such changes will require legislative implementation likely to be widely reported by the press.
Unofficially, much could change immediately. The UK’s currency, the pound, has already plunged with the surprise Brexit vote, London real estate prices have dropped as banks and other businesses fear London’s premier financial services sector may lose its access to EU business and be forced to relocate to Paris, Frankfurt, or other EU capitals. Asian and other inbound investors to the UK may also direct their new investment in factories and facilities from the UK to other EU counties as uncertainty and concern mount about future UK access to EU automobile and other commercial markets.
Steps to take. Smart business people should immediately do the following to protect their UK and EU business
These are only a few of the items businesses should check in the unfolding Brexit saga. For more information, or to discuss your specific business or investment concerns, please feel free to call the ShawnCoulson Brexit desk at +1.202.331.7900.
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