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Message: <blockquote data-quote="Coralin96" data-source="post: 1583" data-attributes="member: 15">Next update <img src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" class="smilie smilie--sprite smilie--sprite1" alt=":)" title="Smile    :)" loading="lazy" data-shortname=":)" />The UK government has given advice on how to handle a no deal Brexit, I thought I'd summarise some of the major consequences.What are the consequences of a no-deal Brexit?<ul> <li data-xf-list-type="ul">Trade with the EU would fall back to World Trade Organisation rules, which means British businesses trying to sell in the EU would need to meet additional requirements, such as licences and safety declarations. The cost may lead to these businesses charging higher prices.</li> <li data-xf-list-type="ul">The Treasury predicts a no deal Brexit would, over the next 15 years, lead GDP to fall by 7.7%.</li> <li data-xf-list-type="ul">Smaller companies would struggle because they lack the finances to hire advisers to prepare for the new checks.</li> <li data-xf-list-type="ul">The UK will not be protected by the EU's ban on credit card surcharges, which is likely to lead to extra chrages for British citizens visiting the EU.</li> </ul>Impact on businesses <ul> <li data-xf-list-type="ul">European companies can continue to access London's financial services for three years after Brexit under the temporary transition deal.</li> <li data-xf-list-type="ul">But financial services companies are still waiting on the EU to determine what the future relationship will be. They currently rely on passporting - which means firms authorised in the UK can trade in the EU - but this now seems out of the picture.</li> <li data-xf-list-type="ul">European companies need to know what will happen to cross-border contracts with UK companies.</li> <li data-xf-list-type="ul">Companies will need legal advice to put in place their contingency plans, whether that means relocating outside of the UK, or preparing for additional regulatory checks when they trade with the EU.</li> </ul>Impact on law firms<ul> <li data-xf-list-type="ul">The Law Society has said that a no deal Brexit would lead to the UK legal sector facing a loss of 12,000 jobs and a fall of £3bn in revenue by 2025.</li> <li data-xf-list-type="ul">A hard Brexit is expected to cause a slowdown in economic performance, leading to a fall in demand in legal services. This will in turn lead to job losses.</li> <li data-xf-list-type="ul">The year after Brexit is however expected to be a busy time for law firms as clients look for regulatory advice.</li> <li data-xf-list-type="ul">The Law Society notes that the job losses are also caused by new technology.</li> <li data-xf-list-type="ul">Some law firms have started registering their lawyers in Ireland, including Eversheds Sutherland, the magic circle law firms, Latham & Watkins and more.  This is so they can still practice EU law and therefore meet the needs of their clients.</li> </ul></blockquote>

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