There is life after Brexit

In the eve of the EU Referendum I published a briefing note about the potential Brexit impact on the Gibraltar insurance industry (entitled "what could Brexit mean?"). This update is intended to provide further commentary now that the vote is over.

There is no reason to believe that following the resignation of David Cameron as Prime Minister, his successor will not put in motion the formal process for the UK's exit from the European Union. That formal process will commence with the UK's notification to the European Council of its intention to withdraw in accordance with Article 50 (the exit clause) of the Treaty. It is important to emphasise, however, that EU law does not immediately cease to apply in the UK (or Gibraltar) as a result of the outcome of the Referendum. Following the notification, the UK Government has two years within which to negotiate its exit arrangements with the EU. It is impossible to predict with certainty what terms will, or indeed can be