On June 23, 2016, 51.9% of UK voters chose to leave the EU. The result amounts to a political instruction to UK authorities to withdraw the UK from the EU. With no precedent, the withdrawal of the UK from the EU introduces considerable uncertainty into the business environment in Europe that will only be addressed when the UK negotiates the terms of its withdrawal from the EU and its future trading relationships with the EU and with World Trade Organization (WTO) Members.

How, when and on what terms will the UK withdraw from the EU? -

On the day following the Brexit referendum, the European Commission indicated that proceedings under Article 50 of the Treaty on European Union will have to be launched. Article 50 gives each EU Member State the right to withdraw from the EU. After the UK notifies the European Council of its decision to withdraw, the UK and the remaining 27 Member States will have a period of up to two years to negotiate a withdrawal agreement.