Brexit means Exit, says Britain’s new Prime Minister
The last month could only be considered a turbulent period in British history – the country’s decision to leave the European Union following a referendum on the 23rd of June divided the country into two camps – the Remainers and the Brexiteers.
The immediate effects of the vote sparked concern around the globe – the pound fell to its lowest rate since 1985, and David Cameron’s resignation was the first in a flood to sweep through the government – Nigel Farage followed suit, resigning from leader of the UK Independence Party, the Labour party is faced with a serious factionalization, with party leader Jeremy Corbyn facing a vote of no confidence, while leaders of the Leave campaign Boris Johnson and Michael Gove withdrew from consideration for Prime Minister early in the running.
Today, Theresa May was appointed Prime Minister, leaving a pro-remain politician tasked with negotiating Britain’s withdrawal from the European Union. May clearly stated, ‘Brexit means Brexit’ – that no second referendum would be held, nor would there be attempts to ‘bypass’ the referendum.
While the particulars of the exit negotiation are yet to be determined, those in the legal and risk professions are left with several questions unanswered – including the implications for data security, the GDPR, changes to employment legislature, and the impacts on taxation. It also remains to be seen whether Britain will remain in the EEA as a non-EU member state (in similar circumstances to Norway).
Financial institutions still hesitant over impact – UBS today issued a statement stating that they would consider transferring employees from London to a European country. Regulatory and compliance jobs will not only become more complex but also require higher levels of specificity in order to cope with the changes in legislature and regulation as the reality of Brexit is negotiated. Much of this will depend on when, and indeed if, Article 50 will be triggered.