UK votes to leave EU

BTN News
Friday, 24 June 2016

In a referendum, the UK has voted to leave the European Union after 43 years as a member.
'Leave' won by 52 per cent to 48 per cent, with England and Wales voting strongly for Brexit (to leave), while London, Scotland and Northern Ireland backed staying in the EU, writes Jack Handley.


The Remain camp called it a "catastrophe" and the pound fell to its lowest level against the US dollar since 1985 as markets reacted to the results.


The referendum turnout was 71.8 per cent - with more than 30 million people voting - the highest turnout at a UK election since 1992.


Wales and the majority of England outside London, including both Conservative and Labour strongholds, voted in large numbers for Brexit.


One Labour former Europe minister, Keith Vaz, said the British people had voted with their "emotions" and rejected the advice of experts who had warned about the economic impact of leaving the EU.


He described the vote as "catastrophic for our country, for the rest of Europe and for the rest of the world".

Scotland, Northern Ireland

Scotland's first minister Nicola Sturgeon said the EU vote "makes clear that the people of Scotland see their future as part of the European Union", after all 32 of Scotland's local authority areas returned majorities for Remain.


Scotland may now face another independence referendum, though few expect that to happen within the next few years due to the parlous state of Scotland's finances and the low price of oil.
Northern Ireland also voted to Remain, with commentators saying that it also might attempt a separation from the UK and to join the EU (or form a single Ireland). Northern Ireland's position is complicated because it shares a border with Ireland, and securing it will be challenging for both countries.


Throughout the Midlands and the North of England, the level of support for Remain was well below what was required for it to win at least 50 per cent of the vote across the UK as a whole.
It is likely that the process of exiting the EU will take about two years as a minimum.


The prime minister first will have to decide when to trigger Article 50 of the Lisbon Treaty, which would give the UK two years to negotiate its withdrawal.


Once Article 50 has been triggered, a country can not rejoin without the consent of all member states.


Leave campaigners now want to make immediate changes before the UK actually leaves the EU, such as curbing the power of EU judges and limiting the free movement of workers, potentially in breach the UK's treaty obligations.


The government will also have to negotiate its future trading relationship with the EU and fix trade deals with non-EU countries.


While it is too soon to assess the most likely reasons for the 'Leave' win, many commentators point to national disquiet over uncontrolled immigration and 'unfair laws' and 'meddling' by EU officials in UK affairs.

Other EU countries

Some other EU countries now are expected to consider their own positions because of the austerity measures forced upon them by Brussels.
Netherlands, Italy, Greece and others are expected to report moves by politicians also to leave the bloc.

Lawyers say

The UK’s historic vote to leave the European Union (EU) will have significant consequences throughout the UK, the EU, and in the global economy, says lawyers K&L Gates LLP.


The referendum vote is expected to lead to a high degree of uncertainty and disruption as businesses come to terms with the new normal of a post-Brexit environment. Businesses, governments, and regulatory bodies will need to take measures to adjust to the legal, financial, regulatory and technical ramifications of the referendum.


A guide to possible legal and business implications and potential disruption to their companies has prompted  K&L Gates to create a suite of resources to bridge any concerns brought on by the vote to leave.


The initiative includes:
• a 24-hour hotline;
• a dedicated task force of multidisciplinary lawyers comprising partners from the firm’s global litigation, finance, corporate, intellectual property, policy and regulatory, and employment law practice areas reachable by emailing brexit@klgates.com; and
• a series of “Brexit Bites” briefings examining key issues associated with the withdrawal and its after effects — including analysis on such topics as employment, intellectual property, and tax laws, financial services regulation, international trade, material adverse change clauses, and the formal withdrawal process — all which are housed in a dedicated Brexit section on K&L Gates HUB.

UK votes to leave EU

BTN News
Friday, 24 June 2016

In a referendum, the UK has voted to leave the European Union after 43 years as a member.
'Leave' won by 52 per cent to 48 per cent, with England and Wales voting strongly for Brexit (to leave), while London, Scotland and Northern Ireland backed staying in the EU, writes Jack Handley.


The Remain camp called it a "catastrophe" and the pound fell to its lowest level against the US dollar since 1985 as markets reacted to the results.


The referendum turnout was 71.8 per cent - with more than 30 million people voting - the highest turnout at a UK election since 1992.


Wales and the majority of England outside London, including both Conservative and Labour strongholds, voted in large numbers for Brexit.


One Labour former Europe minister, Keith Vaz, said the British people had voted with their "emotions" and rejected the advice of experts who had warned about the economic impact of leaving the EU.


He described the vote as "catastrophic for our country, for the rest of Europe and for the rest of the world".

Scotland, Northern Ireland

Scotland's first minister Nicola Sturgeon said the EU vote "makes clear that the people of Scotland see their future as part of the European Union", after all 32 of Scotland's local authority areas returned majorities for Remain.


Scotland may now face another independence referendum, though few expect that to happen within the next few years due to the parlous state of Scotland's finances and the low price of oil.
Northern Ireland also voted to Remain, with commentators saying that it also might attempt a separation from the UK and to join the EU (or form a single Ireland). Northern Ireland's position is complicated because it shares a border with Ireland, and securing it will be challenging for both countries.


Throughout the Midlands and the North of England, the level of support for Remain was well below what was required for it to win at least 50 per cent of the vote across the UK as a whole.
It is likely that the process of exiting the EU will take about two years as a minimum.


The prime minister first will have to decide when to trigger Article 50 of the Lisbon Treaty, which would give the UK two years to negotiate its withdrawal.


Once Article 50 has been triggered, a country can not rejoin without the consent of all member states.


Leave campaigners now want to make immediate changes before the UK actually leaves the EU, such as curbing the power of EU judges and limiting the free movement of workers, potentially in breach the UK's treaty obligations.


The government will also have to negotiate its future trading relationship with the EU and fix trade deals with non-EU countries.


While it is too soon to assess the most likely reasons for the 'Leave' win, many commentators point to national disquiet over uncontrolled immigration and 'unfair laws' and 'meddling' by EU officials in UK affairs.

Other EU countries

Some other EU countries now are expected to consider their own positions because of the austerity measures forced upon them by Brussels.
Netherlands, Italy, Greece and others are expected to report moves by politicians also to leave the bloc.

Lawyers say

The UK’s historic vote to leave the European Union (EU) will have significant consequences throughout the UK, the EU, and in the global economy, says lawyers K&L Gates LLP.


The referendum vote is expected to lead to a high degree of uncertainty and disruption as businesses come to terms with the new normal of a post-Brexit environment. Businesses, governments, and regulatory bodies will need to take measures to adjust to the legal, financial, regulatory and technical ramifications of the referendum.


A guide to possible legal and business implications and potential disruption to their companies has prompted  K&L Gates to create a suite of resources to bridge any concerns brought on by the vote to leave.


The initiative includes:
• a 24-hour hotline;
• a dedicated task force of multidisciplinary lawyers comprising partners from the firm’s global litigation, finance, corporate, intellectual property, policy and regulatory, and employment law practice areas reachable by emailing brexit@klgates.com; and
• a series of “Brexit Bites” briefings examining key issues associated with the withdrawal and its after effects — including analysis on such topics as employment, intellectual property, and tax laws, financial services regulation, international trade, material adverse change clauses, and the formal withdrawal process — all which are housed in a dedicated Brexit section on K&L Gates HUB.