What happens next and what action should you take?
The big picture
“Business as usual” for now. We remain fully paid up members of the EU and our legal relationship with the EU remains unchanged until withdrawal from the EU takes effect.
Two year time limit to conclude two agreements
It is thought that the negotiations are likely to take longer than two years, but the two year time limit in Article 50 can only be extended by unanimous agreement of all Member States. In the event of a failure to agree terms, it is likely that we will fall back on the World Trade Organisation terms, with tariffs on both sides.