We shared technical views and political insight with clients at our 'Brexit - Next Steps' event in Plantation Place on 23 January.
Partner Jonathan Askin re-emphasised the need for contingency planning to ensure supply chains continue to function in the event of the UK leaving with no deal on 29 March. Director of policy and government affairs, Alistair Kinley underlined the expected changes in the rules for cross-border claims and litigation after Brexit and/or in the event of a transition period.
Our guest speaker from Ireland, Senator Neale Richmond, Chairman of the Irish Brexit Committee and Government spokesperson on European Affairs, offered a candid view from an insider’s perspective, noting that many financial services businesses had already re-located to Ireland and other European centres in order to preserve passporting rights into the EU’s single market.
Neale also set out the clear and unified view among the EU 27 that the UK’s withdrawal terms were agreed last November with no scope for further negotiation. He also covered contingency planning around the risks to the Irish economy in the event of no deal and detailed the critical backstop necessary to prevent the re-emergence of a hard border in Ireland.
Senior partner Matthew Harrington said: “Our clients in the UK and Ireland will be affected in many different ways by the regulatory and legal changes arising from Brexit and all of us are concerned about the economic uncertainties. We arranged this event knowing it might be a wake up to the reality of Brexit in just under two months and I really appreciate Neale giving us a fantastic insight into the challenges ahead.”