Brexit – Implications And Consequences

After the leave result of the Brexit referendum, UK's exit process from the EU has now started though the UK is yet still a member of the EU as the referendum is not legally binding and therefore the EU acquis is still being enforced.

More than 2 million people urged and signed a petition for a new referendum as a result of the factors such as the resignation of the Prime Minister David Cameron, the Pound dropping to its lowest value within the last 30 years as well as the losses within the stock market. However statements were made later on stating that a second referendum will not be possible.

How the "Exit" procedure will occur within the scope of the EU legislation?

EU is governed by the Treaty on the Functioning of the EU and the Treaty on the EU. The Article 50 of the Treaty on the EU regulates the member states' right to a withdrawal and the relevant procedure. Within the scope of the aforementioned article a two years period is set out which will be