UK Votes To Leave The European Union
In a result that was closer than either side could have imagined, the United Kingdom on June 23 voted to leave the European Union, with 51.9 percent of voters opting to "Brexit," and 48.1 percent to "Bremain." In light of the result, pro-Remain Prime Minister, David Cameron, has announced that he will be resigning before the next Conservative Party conference in October.
The move will not have immediate tax and legal consequences for multinationals with UK operations, with a two year "grace period" built into Article 50 of the Lisbon Treaty, which deals with the (unprecedented) departure of a member state from the European Union, and the subsequent unpicking of the legislative and regulatory relationship between the two sides.
In the longer term, however, the landscape may change significantly for the UK, in terms of trade, tax and investment, both with regard to its relationship with the European Union and with non-EU countries.
A more detailed analysis of the potential implications of the Brexit referendum will be available shortly.
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