If even prospective Prime Ministers are quitting preemptively ...


One might wonder where this leaves the rest of us, including members of the legal profession, post Brexit.

Just a week down the road, many questions have been posed but few answered as to precisely when Article 50 of the Lisbon Treaty is to be invoked, whether we can hope to gain meaningful access to the EU free market absent similarly free movement of people and how much, if any, of the £350m allegedly paid weekly to the EU will find its way to the NHS. 

Yet even a brief glance at today's news, prior to Boris  Johnson's surprise withdrawal from the race to lead the Conservative Party, illustrated the rapidly moving nature of this story. The sound of both financial and political apple carts being overturned has become deafening.   

The proposed £16 billion Airport expansion in South Eastern England, which favoured Heathrow, appears to be on at least temporary ice.  The fact that the airport is perilously close to the respective constituencies of lead candidates, Theresa May and Michael Gove, may just be a factor. 

One of Singapore's largest lenders, UOB, says that it has suspended its loan programme for London properties due to a "need to ensure our customers are cautious with their London property investments.". Other foreign lenders are recommending a cautious approach. 

Even Jeremy Corbyn admits that he's had "a torrid few days". 

The news of Johnson's decision to step aside itself led to a rise then almost immediate fall (perhaps a "dead Boris bounce"?) in the pound and a drop in the FTSE 100, extending current uncertainty in the financial markets. 

Amongst all this and the seemingly endless stream of data produced by the various city and west end law firms, it's easy to lose track of the legal consequences and potential pitfalls. Given the sheer complexity of these issues and rather than repeat them here, I recommend the ever excellent blog of Barrister, Gordon Exall. Whilst offering a particular focus on legal costs, it also provides invaluable guidance in the form of links to all the major articles.

Gordon has committed to regularly updating this post. If so, I suspect that he may need to clear his diary...

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