Thursday 23rd June 2016. The day that the United Kingdom decided to leave the European Union.

The United Kingdom has yesterday announced that it will leave the European Union. The events of yesterday and today mean that the existing trade agreements with other EU members will have to be renegotiated. We are expecting very little change to many sectors, so it may still be business as usual in the UK. But then here is overview of what happens next.

In terms of Britain exiting from the EU, there is a minimum 2-year negotiation period. UK Prime Minister, David Cameron has yesterday morning announced his resignation which will take effect in October. Once the new Prime Minister has been appointed, they will then have to instruct the activation of Article 50 – this won’t happen until October 2016 at the earliest.

What Is Article 50?

The Treaty on European Union (Article 50) which allows a member state to notify the EU of its withdrawal and obliges the EU to try to negotiate a ‘withdrawal agreement’ with that state. You can read more about Article 50 and what it involves by clicking here https://tn297.infusionsoft.com/app/linkClick/2686/95ddb51119408d4b/8856/5f358ef1209222ec.

Once Article 50 has been activated, there follows a 2-year negotiation period. During this time, the UK will negotiate with the European Commission on an exit strategy that will cover all aspects of trade, commerce, immigration, employment law and so on. The end game for the 2-year period is to agree terms that the UK and all existing EU member states agree to.

During this period, EU laws still apply to the UK and UK businesses and residents will continue to participate within EU as normal.

At the end of this period, if an agreement has not been reached the UK can force a withdrawal agreement. If this happens, EU treaties will cease to apply to the UK or, providing there is an unanimous agreement, the negotiating period can be extended.

wish them all the best .