Peter Duff, chairman at Shoosmiths, comments on the triggering of Article 50
'Nine months after the outcome of the referendum, the Prime Minister today triggered Article 50, signing a letter destined for the European Council and formally launching the process of leaving the EU. It is anticipated that the process of leaving the EU including exit negotiations will take a minimum of two years.
'The business community now knows for certain the UK will be leaving the EU, but we are at the very start of a protracted process of negotiations and it is currently too early to say for certain how the outcome of these negotiations will impact business.
'At Shoosmiths, we will be keeping abreast of the incoming changes to laws and regulations and assisting clients through this period of flux. It is likely there will be changes that may affect trading relationships, commercial interests and workforces. Many commercial contracts may refer to European legislation or refer to EU legal concepts - particularly in the fields of data protection, employment, environmental law also will need to be reviewed and adjusted accordingly.
'We should, however, remain positive and have confidence in the decision the country has made. The decision to leave the EU has already stimulated greater inward investment in some sectors.
'Until final decisions are made; negotiations shall remain under the magnifying glass of the businesses community, legal experts, the media and the public to ensure that Britain gets the best possible deal.'
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