The UK’s decision to leave the EU following a referendum on 23 June came as a shock to many in and outside of the country, shaking stock markets worldwide, weakening the pound and dampening investor sentiment.
While political stability has been restored with UK Prime Minister Theresa May taking office, the terms and conditions of Brexit remain uncertain as the UK has yet to trigger article 50 of the Lisbon Treaty confirming its intention to leave the EU.
“It is too early to comment on Brexit’s implications on Indian companies operating in and outside the UK,” Abhijit Mukhopadhyay, president of legal and general counsel for Europe at the Hinduja Group, told India Business Law Journal. “As of now, the British government’s position on various matters under the EU charter such as trade, immigration, customs, tax and banking is unknown.”
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