UNITED KINGDOM/EUROPEAN UNION - Brexit Analysis and Materials
  • In the aftermath of the United Kingdom's historic vote to leave the European Union, today has been a day of economic and political shock, with global markets and the pound plummeting. Prime Minister David Cameron has resigned, but stated clearly that he "would also reassure Brits living in European countries, and European citizens living here, that there will be no immediate changes in your circumstances. There will be no initial change in the way our people can travel, in the way our goods can move or the way our services can be sold."

    Immigration consequences: The British exit will lead to immigration law changes, particularly concerning the free movement of workers between the U.K. and Europe. The impact will not be immediate, and under EU law, Article 50 of the Lisbon Treaty must be triggered by the prime minister before the two-year exit negotiations clock would start ticking. Employers nonetheless should start planning for a managed transition and, to mitigate any negative impacts of the Brexit on their business, should reassure workers both in and outside Europe who currently use these European legal rights and plan for ongoing employment and recruitment strategies and costs.

    BAL has prepared an in-depth analysis describing the three most likely scenarios for future relations between the U.K. and the EU or between the U.K. and individual EU member states, each with varying impacts on employees. Click here to read the full analysis. BAL has also prepared sample text that companies may wish to adopt to address employee concerns and reassure their British and European workforce. Click here to read suggested text.


    Summary of developments:

    • Political uncertainty: David Cameron will step down as Conservative Party leader in October. The government will now go into a leadership contest that may trigger a general election in the U.K. European Commission President Jean-Claude Juncker has called for Article 50 exit procedures to be invoked quickly to quell uncertainty, meaning exit negotiations will not wait until a new British prime minister is appointed in October.
    • Economic uncertainty: The markets have responded negatively with the FTSE 250 dropping 8.25 percent and the pound experiencing the single greatest drop in one day. The Bank of England has given its commitment to support banks, while "Leave" advocates argue that the inevitable immediate economic volatility cannot be taken as a measure of longer term economic circumstances.
    • Employment uncertainty: Businesses have started to execute plans to relocate operations out of London, with one U.S. bank reportedly planning to move 2,000 staff, while other businesses are reviewing U.K. investment and global mobility strategies.
    • "Remain" camp free-movement push: As London voted 76 percent to "Remain" in the EU, Mayor Sadiq Khan said that he would push to secure free movement rights for Londoners. The Scottish electorate also voted overwhelmingly to "Remain," and Nicola Sturgeon, leader for devolved Scotland, stated that she will push hard to secure Scotland's ongoing access to Europe and that a second referendum in Scotland (in which it could leave the United Kingdom) is "on the table" following this "significant and material change." This is of particular note to the oil and gas sector.
    • Analysis: Companies are encouraged to work with their BAL professional to assess the impact on their workforce, anticipate costs, and plan retention and hiring strategies for current and future employees as the U.K. transitions out of the EU.

    This post has been provided by Berry Appleman & Leiden (BAL) Corporate Immigration. For more information please contact: Liz Brailsford at Reloction Today  or J. Fisher at BAL

    About Berry Appleman & Leiden LLP

    Founded in 1980, Berry Appleman & Leiden (BAL) provides comprehensive global immigration services from seven offices across the U.S. and from offices in Geneva, London, Melbourne, Rio de Janeiro, São Paulo, Shanghai, Singapore and Sydney. BAL manages global visa matters and customized application approaches for work permits, business visas, and residence permits in more than 100 countries. With a single cost center for worldwide operations, BAL offers centralized management with regional and local support for the complete spectrum of global immigration matters.

    Source: Berry Appleman & Leiden LLP
    Copyright © 2016 Berry Appleman & Leiden LLP. All rights reserved. Reprinting or digital redistribution to the public is permitted only with the express written permission of Berry Appleman & Leiden LLP. For inquiries please contact copyright@balglobal.com

UNITED KINGDOM/EUROPEAN UNION - Brexit Analysis and Materials
  • In the aftermath of the United Kingdom's historic vote to leave the European Union, today has been a day of economic and political shock, with global markets and the pound plummeting. Prime Minister David Cameron has resigned, but stated clearly that he "would also reassure Brits living in European countries, and European citizens living here, that there will be no immediate changes in your circumstances. There will be no initial change in the way our people can travel, in the way our goods can move or the way our services can be sold."

    Immigration consequences: The British exit will lead to immigration law changes, particularly concerning the free movement of workers between the U.K. and Europe. The impact will not be immediate, and under EU law, Article 50 of the Lisbon Treaty must be triggered by the prime minister before the two-year exit negotiations clock would start ticking. Employers nonetheless should start planning for a managed transition and, to mitigate any negative impacts of the Brexit on their business, should reassure workers both in and outside Europe who currently use these European legal rights and plan for ongoing employment and recruitment strategies and costs.

    BAL has prepared an in-depth analysis describing the three most likely scenarios for future relations between the U.K. and the EU or between the U.K. and individual EU member states, each with varying impacts on employees. Click here to read the full analysis. BAL has also prepared sample text that companies may wish to adopt to address employee concerns and reassure their British and European workforce. Click here to read suggested text.


    Summary of developments:

    • Political uncertainty: David Cameron will step down as Conservative Party leader in October. The government will now go into a leadership contest that may trigger a general election in the U.K. European Commission President Jean-Claude Juncker has called for Article 50 exit procedures to be invoked quickly to quell uncertainty, meaning exit negotiations will not wait until a new British prime minister is appointed in October.
    • Economic uncertainty: The markets have responded negatively with the FTSE 250 dropping 8.25 percent and the pound experiencing the single greatest drop in one day. The Bank of England has given its commitment to support banks, while "Leave" advocates argue that the inevitable immediate economic volatility cannot be taken as a measure of longer term economic circumstances.
    • Employment uncertainty: Businesses have started to execute plans to relocate operations out of London, with one U.S. bank reportedly planning to move 2,000 staff, while other businesses are reviewing U.K. investment and global mobility strategies.
    • "Remain" camp free-movement push: As London voted 76 percent to "Remain" in the EU, Mayor Sadiq Khan said that he would push to secure free movement rights for Londoners. The Scottish electorate also voted overwhelmingly to "Remain," and Nicola Sturgeon, leader for devolved Scotland, stated that she will push hard to secure Scotland's ongoing access to Europe and that a second referendum in Scotland (in which it could leave the United Kingdom) is "on the table" following this "significant and material change." This is of particular note to the oil and gas sector.
    • Analysis: Companies are encouraged to work with their BAL professional to assess the impact on their workforce, anticipate costs, and plan retention and hiring strategies for current and future employees as the U.K. transitions out of the EU.

    This post has been provided by Berry Appleman & Leiden (BAL) Corporate Immigration. For more information please contact: Liz Brailsford at Reloction Today  or J. Fisher at BAL

    About Berry Appleman & Leiden LLP

    Founded in 1980, Berry Appleman & Leiden (BAL) provides comprehensive global immigration services from seven offices across the U.S. and from offices in Geneva, London, Melbourne, Rio de Janeiro, São Paulo, Shanghai, Singapore and Sydney. BAL manages global visa matters and customized application approaches for work permits, business visas, and residence permits in more than 100 countries. With a single cost center for worldwide operations, BAL offers centralized management with regional and local support for the complete spectrum of global immigration matters.

    Source: Berry Appleman & Leiden LLP
    Copyright © 2016 Berry Appleman & Leiden LLP. All rights reserved. Reprinting or digital redistribution to the public is permitted only with the express written permission of Berry Appleman & Leiden LLP. For inquiries please contact copyright@balglobal.com