An update on the Brexit

Peninsula Team

June 27 2016

The Government has still not officially confirmed to the EU that the UK will exit. To give official notification, the Prime Minister needs to trigger Article 50 (part of the Lisbon Treaty). This Article sets out the process required for a member state to exit the EU, specifically providing that there is a period of 2 years between official notification and the actual exit. However, because it was never envisaged that anyone would invoke Article 50, it is said to be vague. Some commentators appear to think that the process could take up to 10 years. Social media petitions for a re-vote indicate 3 million signatures, however, very many of these are from people who are not registered to vote in the UK so its strength may not be as vast as initially thought. However, only 100,000 signatures are required for the topic of a petition to be debated in parliament. George Osborne, Chancellor of the Exchequer, says that the exit process should not be started until a new Prime Minister is in place. David Cameron is set to remain as Prime Minister until October 2016. Nicola Sturgeon, Scotland’s First Minister, has said she will examine all options with the European Institutions and others to secure continuing links with the EU for Scotland. For further advice or clarification, please feel free to call our 24hr advice service on 0844 892 2785.      

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