Some Important Facts about the General Law

Terminologies Related To The General Law System:

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  • Labor Law:

It is the course of studying the relationship between the employee of an institute and the institute itself. The involvement of the trade union and the personnel union is also related to it. This labor law involves the collection of all the laws compulsory for the workers and their employers too. It also deals with the rights of the workers starting from the employees’ insurance, job safety, healthy covers and the salaries.

  • Human Rights:

family_law_slideshowThese include the civil rights and laws that are essential to the citizens of a country. It engulfs in itself the basic rights and freedoms that have to be provided to every citizen of the nation too. Starting from the right to free speech to the right of free movement, all of it is parts of the being rights and civil rights.

  • Civil procedure:

It is the process that is to be followed by the people in the times of breakage of the lawsuit. It ensures the complete procedure that is to be followed when proceeding in civil cases concerned to the citizens of the country.

  • Evidences:

It refers to the proofs that build the faith of the cases. Any lawful proceeding is done on the basis of the evidences found.  The proofs are the basis on which the lawful proceedings are processed and hence are the most important parts of common law.

  • Nationality Laws:

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It refers to the rules of the foreigners. It comprises of the rules that govern the rules for the foreigners basing on which they may travel along and move about places. It can be offensive till having a nationality cancelled and hence is different in different countries.

  • Taxation Laws:

It comprises of the laws that are concerned with the tax systems of the nation. It deals with the taxes like income tax; value added taxes (VAT), service tax and corporate taxes also. Any changes in the taxes are formulated with the taxation laws.

  • Banking Laws:

It deals with the regulations and policies of banks like fixing the capitals, regulating the financials, investment rules and more. This essentially formulated to ensure that the risks of the economic crisis are reduced and in the worst possible cases, are fought efficiently.

  • Company Law:

It deals with the laws that the owner of a company wants to follow. Abiding the law would land the owner in the secure hands. Moreover, company laws are the ones that are formulated through the owner and the naming partners of the company.

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Impact of Britain’s exit from the EU on UK law

The United Kingdom will be voting on the crucial issue of Brexit on 23 June 2016. This vote would resolve the dilemma surrounding Britain’s exit from the European Union. European Union leaders met in a summit on the 19th of February, 2016 and agreed on collective reforms such as the provision for limiting benefits provided to EU migrants.

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This situation would result in two outcomes which are clearly evident. The first one implies that Britain stays in the EU and business goes on as normal. On the contrary, if UK chooses to turn away from the European Union then the subsequent results depend on the nature of UK’s departure from the European Union.

The road for UK to leave the EU:

  • The European Union has clearly stated the terms for a country to leave the European Union.
  • Article 50 of the Treaty on Functioning of European Union states that a member country of the EU needs to notify two years in advance of its intention to quit the EU.
  • This clause allows the EU to take two years and negotiate the terms of exit with the concerned country, in this case, the UK.
  • At the end of the two years, UK wouldn’t be a member of the European Union.
  • Finally, Britain would be relieved from the burdens and benefits of the European Communities Act 1972.

Considerable impact on UK Law:

  • Competition law:

The relevancy between EU competition law and that of UK will be a prime factor to have impact in-laws in the UK. UK companies operating in members of EU follow the EU competition law, and the UK competition laws are somewhat similar to that of the EU. However, the largest effect will be seen in removal of EU public procurement laws and state aid laws. This action depends on the terms of exit.

  • Financial Services Regulation:

It is just not clear that how the UK law will be modified since UK’s law for regulating financial institutions is largely based on the EU law. Once Britain exits from the EU, organizations from UK cannot access many European Union markets.

  • Employment law:

As we have been discussing, the majority of UK law including employment laws is a slight replica of the EU law. Some of the employment rights of employees, working time regulations face the risk of repealing. Other impacts of Brexit on the employment laws may include formulation of separate terms for EU workers.

Dealing with the storm:

There is no reason to be alarmed at the title mentioned here! The exit of Britain from the EU is nothing less than a storm. Thus, we should ensure necessary steps to stay safe from any monetary or legal setbacks.

  • Businesses dependent on EU aids must review business plan and strategy
  • Contracts shall be reviewed for finding out governing laws and clauses of jurisdiction.
  • Estimate the probable impact of Brexit on the sector you are operating in.

Following these procedures along with a series of other precautions can prevent any substantially detrimental impact on a business despite the changes in UK law due to Brexit.…