Published: 24 June 2016
Where do UK businesses turn following the Brexit?
Our clients’ contingency plans have overnight moved from the theoretical to the very real.
Despite huge volatility on the stock and currency markets, we have not seen immediate disruption to deals, and those that were due to complete today are still completing.
The British public has decided on an exit from the EU - where does this leave us from a legal perspective and how will it affect UK businesses? With the government now planning a route to exit, which way will make for the swiftest and safest exit?
David Cameron has said he will not activate Article 50 and will leave it to the next Prime Minister elected in October. Under the circumstances, it would reckless to invoke Article 50 until there has been some meaningful direction to our new trading arrangements.
Political and economic uncertainty is seriously detrimental to medium and long term investment plans. Our clients have been disappointed by the level of political debate before the Referendum and we call on politicians now to turn the debate to a grown up discussion about our trading relations with the rest of the world.
Businesses need some immediate guidance and clarity on what our future trading relationships are going to look like. We now need to negotiate trade deals with the EU and the 53 other worldwide markets. International trade deals are the lifeblood of our economy and we urgently need political direction on what our new world will look like.
For more of our thoughts around Brexit read here.