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LeaveYesterday the UK voted to leave the European Union – an outcome that puts us, the automotive sector, into uncharted waters.

Many will be concerned that we are now entering a period of uncertainty as the government looks at what next in terms of trade, our economy and the regulations that impact business.  While we must not underestimate the challenges ahead, as a sector we are used to challenges and must be confident in our ability to navigate through and succeed.

The Bank of England has said it will take all necessary steps to maintain monetary and financial stability in the wake of the Brexit vote.  We have to remember that the vote only establishes a mandate for initiating a process of change, which in many instances may take months or years to crystallise and may, in many respects, be marginal or incremental rather than radical.

We will most likely have to see how this develops over the coming weeks and months, but we are working with our legal advisers, TLT, to establish a clearer picture.  With this in mind, please do get in touch if you have any specific legal concerns or queries around areas such as:

  • The implications for UK employment law, given some have their basis in EU laws that the UK has been required to implement into domestic legislation.
  • Potential gaps in UK laws if European rules fall away and what impact past European Court of Justice rulings will have on future disputes.
  • Application & enforcement of EU Competition & Public Procurement legislation in the period until Brexit.
  • Compliance – appropriate assessment and mitigation of corporate legal risks in the period until Brexit.
  • What will happen to current EU Directives and Regulations going through the process of implementation from the EU Network and Information Security Directive to the new General Data Protection Regulation.

If you have any queries and concerns, please contact us as we are working with our legal counsellors on this.

Posted by Sue Robinson on 24/06/2016