1. The EU referendum result, by itself, has no legal impact. It was an advisory not a mandatory referendum. (See my FT post here.)

2. All UK law – including that drawn from the EU – remains in place today just as it was yesterday. Nothing in yesterday’s result affects the applicability or enforceability of any UK or EU law.

3. The legally significant thing is not the referendum result but any Article 50 notification. There is no indication any UK politician is in any rush to press that “red button”. Once pressed, that will give a two year period before the UK leaves the EU (unless EU Member States unanimously agree otherwise). Any fundamental legal change as a result of the Leave vote will not (and cannot) be until 2018 at the earliest.

4. It is perfectly possible the Article 50 red button is never pressed – for example if there is a “new deal” and a second referendum. There is, after all, a tradition of EU-related referendums being repeated in Member States until there is the “correct” answer.

5. On available information, there is no plausible legal challenge to the referendum result.

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