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back to index backEUROtalk November,  2016


Although UK High Court Ruled that Only Parliament Can Authorize Brexit Divorce, Companies Should Still Start Contingency Planning

On October 2, 2016, the United Kingdom's (UK) Prime Minister, Theresa May, announced plans to trigger "Brexit" - the exit of the UK from the European Union (EU) -- by the end of March, 2017.  That would have been the beginning of the end of EU authority in Britain.  On November 3rd, however, the British High Court, which is just below the Supreme Court, ruled that the Prime Minister could not start the Brexit process without the express authorization of Parliament.  In the short time since then, the Prime Minister announced that the Government would appeal the High Court's judgment, and the Supreme Court set a hearing on the appeal, starting December 4th.  The Supreme Court's decision would likely be issued in the first quarter of 2017.

As the world's fifth largest economy, a post-Brexit Britain would become "truly global," Prime Minister May said.  Looking beyond Europe as its largest trade partner, she named China, India, Canada, Mexico, South Korea, Australia, New Zealand and Singapore among the nations prepared to sign major free trade deals with an "independent" UK.

In the face of such near term uncertainty about the viability of Brexit and its impact if the Supreme Court reverses the High Court or if Parliament reinstates the Article 50 notice for exiting the EU, businesses with operations in the UK and United States should start making investment and planning decisions for either contingency.  In the last Brexit Alert (August 5, 2016), Butzel's Brexit Team recommended that businesses review pending and executed contracts with respect to numerous terms.

To read entire article, please click here.

Source: Butzel Long - GAI






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