Exactly one week ago today the nation was casting their vote in the all important, EU Referendum. The 23rd of July marks a very momentous day for Britain. In the week following the vote to leave the EU we’ve seen:
- The pound plummet to the lowest its been in 30 years
- Concerns about a new Scottish independence referendum
- The Prime Minister announce that he will step down by October – with Theresa May and Boris Johnson looking like the favourites to replace him
- Jeremy Corbyn suffers a vote of no confidence
- Controversy surrounding the ‘Vote Leave’ camp’s tactics regarding the reallocation of EU membership funds promise
It’s not all bad news, as of this morning the pound has strengthened and is now above pre-brexit levels which shows promising signs for our economy – although there is still a long road ahead of us.
What happens next?
David Cameron will step down by October, with a new Prime Minister announced at the Conservative Conference
The new Prime Minister will choose when to activate Article 50 of the Lisbon Treaty, officially beginning the process of leaving the EU
Activating Article 50 will trigger a 2-year countdown for the UK to negotiate the terms of it’s exit and any replacement trade deals
What happens to the data industry?
We recently wrote an article hypothesising what would happen for the marketing and data industry should we leave to vote in the EU Referendum, you can read it here.
From a legislative point of view, nothing much will change over the next 48 months. The UK remains in the EU as ties wont be cut overnight. Industry bodies like the DMA will continue to represent us both domestically, here in the UK and internationally in Brussels.
The GDPR, which was finally agreed upon in April this year will not be unravelled. UK companies will still have to abide by the same rules they do now and when the GDPR is introduced in May 2018, UK companies will have to comply to that as well.
The GDPR doesn’t just apply to countries within the EU. Companies based in the UK will still have to comply post-Brexit as the GDPR relates to all countries in Europe, not just the EU.
Any country in Europe, EU member or not, that moves data that can identify an EU citizen has to comply to these new regulatory guidelines. Rest assured, plans to comply with the GDPR deadline of May 2018 should not be altered.