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Brexit Update: what does it mean?

Brexit Update: what does it mean? (Last Updated On: June 28, 2016)

The results are in from Thursday’s referendum and Britain has voted to leave the EU. While there are still many questions surrounding this move and its associated implications, the main highlights are listed below, along with what it may mean for those living and working in the UK.

  • The exit from the EU is not likely to take place until 2018. There is likely to be a two year period during which the departing nation will negotiate the exact terms of the exit with the EU. Until then, it is business as usual.
  • Any EU nationals already in the UK have unlimited leave to live and work in the UK and this will not change in the interim. The exact position of their ability to remain after the exit is not yet known, but it is likely laws will only change for anyone wanting to enter the UK after the exit.
  • If and when employment laws change, UK employers need to be cautious as it may not be possible to impose the changes directly on to current employees. New employees, however, can be recruited on new, less advantageous terms set out by any new laws.
  • Some employment laws in the UK will not be affected by the exit. For example, the National Minimum Wage and unfair dismissal laws should not change, meaning disciplinary procedures will remain the same.
  • The exit has caused the pound to plunge to its lowest level since 1985. It is down against every major currency group.
  • The AUD has plummeted against the USD, but soared against the pound following the referendum. It is thought the AUD will continue to fall against the USD until month’s end.
  • It is unknown for certain but Australian travelers will most likely need additional visas to travel in both EU and UK.

All is however, not necessarily said and done. While 17.4 million Brits voted to leave and 16.1 million voted to stay during the referendum, 3.3 million have signed a petition calling for a second EU referendum, meaning parliament will be required to consider it for debate.

Just a friendly reminder to us all, please remain sensitive when having a joke or bantering about what this means for our UK and EU friends. While jokes about what the Leave Vote may mean are likely, it may be causing some major concerns for others. Think before you speak as thresholds may not be as high for some who are directly affected, one way or another.

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