/

BrexitNigel Boardman

/

The background

Brexit

/

£7.1bn / 52 weeks = £137m/weekUK’s contribution = 13bn - £5.9bn (spent in the YK)

=

Brexit

/

The result

London

Scotland

Northern Ireland

Younger voters

Brexit

Remain48%

Leave52%

Wales

Northern England

Rural areas

Older voters

/ Brexit

0

0.5

1

1.5

2

2.5

0.8

0.9

1

1.1

1.2

01/06/2016 01/07/2016 01/08/2016 01/09/2016 01/10/2016 01/11/2016

CPI YoY (

%)

1 J

une =

1

Date

FTSE 100 close FTSE Small Cap close GBP:USD CPI

The aftermath

/ Brexit

/ Brexit

/ Brexit

/

Key issues

Brexit

/

The four pillars

Brexit

People

Goods

Serv

ices

Capit

al

/

Government policy

and challenges

Brexit

/

Government policy

• Article 50 will be triggered by March

2017

• UK will reject the jurisdiction of the ECJ

• Free movement will cease

• Parliament will vote on the final treaty

• Future of ECHR?

The process we are

about to begin is not

about negotiating all of

our sovereignty away

again.

Theresa May

Brexit

/ Brexit

/

A choice of Brexits

Brexit

Hard Brexit Soft Brexit

UK leaves single market UK remains in single market

Tariffs subject to any free trade treaty No tariffs

No contribution to UK budget UK contributes to EU budget

Increase in non-tariff barriers Many EU laws remain effective in the

UK

No voting or representation in EU

bodies

No voting or representation in EU

bodies

/

The ‘Great Repeal Bill’

• Repeal of European

Communities Act 1972

• All EU legislation to

remain in force

• Uncertainties:

• ECJ jurisprudence

• EU regulators

• Part-implemented

EU lawBrexit

/

Article 50• Notice starts a two-year negotiation window

• High Court has ruled that Parliament must vote

• Pending appeal to the Supreme Court

• Possible reference to the CJEU

• Service may be delayed beyond

March 2017

Brexit

/

EU reactions

Brexit

/

EU leaders

• No formal talks until Article 50 is

triggered

• No single market access without the

four freedoms

• Merkel says that free movement comes

before defending German exportsThere must be a threat,

there must be a risk,

there must be a price.

François Hollande

Brexit

/ Brexit

There will be no downside

to Brexit, only a

considerable upside.

David Davis (Minister for Exiting the EU)

The UK has a golden

opportunity to forge a

new role for ourselves in

the world, one which puts

the British people first.

Liam Fox (International Trade Secretary)

/ Brexit

The EU must change

fast.

I refuse to imagine a Europe where lorries and

hedge funds are free to cross borders but

citizens are not.

A Spanish flag on the

Rock of Gibraltar is

much closer.

It will be impossible

to give to British

people more rights

than other people

outside the EU.

Most of my colleagues want a fair deal for both

the UK and Europe, but it has to be a deal that

is inferior to membership, so you can't have the

cake and eat it.

Theresa May wants a hard

Brexit? The negotiation will

be hard.

Joseph Muscat (PM of Malta)

François Hollande

Martin Schulz (President of the European Parliament)

Bohuslav Sobotka (Czech PM)

José Margallo (Spanish Foreign Minister) Matteo Renzi

/

Conclusions

Brexit

/

Brexit prognoses

Brexit

“Brexit means

Brexit and we

will make a

success of it”

“We haven’t found

something good to

say about [the]

Brexit vote.”

/

Questions?

Brexit

/PowerPoint Presentation

© Slaughter and May, 2016

This material is for general information only and is not intended to provide legal advice.

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