Nick Elwell-Sutton, Partner at Clyde & Co, comments: “In the immediate short term nothing changes – it is business as usual. 

However employers will need to consider how they will be affected once the exit actually occurs.  Watering down of employment rights is unlikely to be an immediate government priority, however revoking freedom of movement means the ability to recruit skilled EU nationals which is currently taken for granted would be curtailed and they would be subject to whatever immigration and work permit rules then apply.”

“At a more fundamental level, unless the financial services passporting rules are resolved in the UK’s favour, then many large financial services businesses are likely  to relocate to within the EU meaning large scale redundancies would be highly probable.”