With the UK referendum on a so-called “Brexit” set to take place in under two months, businesses should start considering what effect leaving the European Union (“EU“) will have for them. In our previous Blog post we set out general considerations for businesses in the lead-up to the referendum on 23 June 2016, which would help them establish whether or not the UK’s membership of the EU is an overall benefit to them or not.
If the UK left the EU, things will change, at least in the short term. It is a safe assumption that the European Communities Act 1972 (“ECA“) will be repealed, but what this means in practice is far from certain.
For businesses with a focus on customs and export controls, and businesses which frequently encounter sanctions issues as part of their day-to-day trade, we have compiled a more focused list of questions, to which consideration should be given when determining whether or not to remain in the EU, and what to do in the event of a Brexit.