EisnerAmper Ireland: Doing business in Europe post Brexit
On 23 June 2016, the UK voted to leave the European Union leading to significant political instability and economic volatility:
- the British Prime Minister, David Cameron, announced his resignation on the morning of 24 June, and was quickly replaced as Prime Minister by Theresa May, while Jeremy Corbyn, the Labour Party leader, is under mounting pressure to resign his leadership of the party;
- international stockmarkets and currency exchange rates experienced significant volatility and the UK lost its AAA credit rating from ratings agency S&P while Fitch lowered its UK rating from AA+ to AA.
Now that the UK has voted to leave the EU, there are many political matters that will require decision-making and negotiation at a European Union and UK level. How long it might take, what form it might take and what the end result might be is at this point unknown. However, as the withdrawal mechanism in Article 50 of the Lisbon Treaty will take at least 2 years from the date of formal notification to the European Council, despite the uncertainty business will continue, as usual, on a day-to-day basis.
Download the full guide: EisnerAmper Ireland – Brexit Guide (pdf).