With the haircut that the sterling-euro exchange rate has taken in the wake of the U.K.’s vote to leave the European Union, the U.K. has suddenly become a low-cost country for companies wishing to host or process the personal information of EU citizens.
EU businesses will need to weigh that price cut against the regulatory uncertainty Thursday’s vote introduced — but it turns out that’s surprisingly small, at least in the short to medium term.
As for U.K. businesses hoping for more relaxed data protection rules in the wake of the referendum vote, they will have to wait — perhaps for a very long while.
That’s because many of the rules that the 51.9 percent who voted to leave the EU hoped to escape are, in fact, firmly part of U.K. law, and will only go away if the U.K. parliament votes to repeal them.
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