So, the results from the EU Referendum are in and the British public have decided to leave the European Union (EU).
The Referendum drew the highest number of voters in a UK-wide vote since the General Election in 1992! In Breckland, which includes Watton, there was a turnout of 74.3% and in South Norfolk, which includes Hethersett, there was a turnout of 78.5%. Both in Breckland and South Norfolk, a higher number of constituents voted to leave than remain in the EU.
Nationally it was a close result, with 51.9% voting to leave and 48.1% voting to remain, but what does this mean for the future of Great Britain?
The Referendum outcome has had some immediate effect; following the announcement of the result the pound fell to its lowest level against the dollar since 1985.
However, the exit process and the long term outlook for Britain is somewhat unknown as no member of the EU has ever left the Union. Further, negotiations are unlikely to commence until October 2016, following the resignation of David Cameron as Prime Minister earlier today.
Leaving the EU will not happen in the blink of an eye; it will take some time for Britain to leave. Therefore, EU Law will continue to apply in Britain until we complete the exit process. Whilst deciding the withdrawal agreement Britain will not be able to take part in any decision making.
Britain can leave the EU through one of two options; negotiation between Britain and the EU to make an agreement, or, not implementing an agreement which would lead to Britain’s membership of the EU ending two years after informing the EU that Britain wants to leave.
Who knows what form the BREXIT will take? But what we do know is we are here and open for business. Our service to you will not change. We are proudly solicitors at the heart of your community whether that be in or out of Europe.