The implications of Brexit for businesses located in and operating in the U.K. are numerous and, as of yet, very ambiguous. Until negotiations advance the following issues will be cause for concern for businesses:
- future status of non-UK citizens living and working in the U.K.;
- future status of UK citizens living and working in an EU 27 Member State;
- future trade between U.K. and EU27;
- free flow of data between the U.K. and EU27.
What is known is that Brexit will require businesses to be kept informed of regulatory developments in London and Brussels on topics such as: i) future access to the EU single market; ii) legislative changes at national level; iii) passporting and regulatory supervision; iv) future EU-U.K. relationship. These are just some of the key topics that will be negotiated over the next 22 months.