What is the impact of Brexit and what action should one take in response?
The results of the referendum are not legally binding, although it will be politically untenable for any politician to ignore them.
The process of exiting the EU is unprecedented, so it's a little bit like being in an uncharted territory. The process will take several years to complete. The provision for a Member State to exit the EU is by providing notice and entering negotiations, invoking Article 50 of the Lisbon Treaty. This by itself will take a minimum of two years.
It appears that the Article 50 procedure will be left for the next Prime Minister. This means that it will not even commence before October 2016.
The practical steps that companies and individual should be taking in the interim, will depend on the situation, and professional advice should be sought.
In general, the next two years could serve as possibly a last window of opportunity to get your individual or corporate affairs in order under current rules, and benefit from being "grandfathered" EU rights which you may continue to enjoy in the UK after the rules may change.
We will be happy to advise on each situation.
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