Brexit process will officially start next week

  • Brexit process will officially start next week

Brexit process will officially start next week

The contents of the letter which will be sent to formally trigger article 50 on March 29th are unclear.

The British envoy to the EU, Tim Barrow, informed the office of European Council President Donald Tusk this morning of the plan to invoke Article 50 of the Lisbon Treaty, the official trigger for Brexit, Prime Minister Theresa May's spokesman James Slack told reporters in London on Monday.

Notification comes 279 days after the referendum of June 23 previous year delivered a 52 per cent to 48 per cent majority in favour of withdrawal. The draft is broadly ready, based on what May said in a key speech in January, but may need to be fine-tuned, European Union officials say.

A spokesperson for the European Commission said it was "ready to begin negotiations" and it had "everything ready and decided".

Analysts at City Index said: "In fairness, we think that today's dip in the pound is just a knee-jerk reaction to the Article 50 news, and part of sterling's decline is also due to the recovery in the dollar and US Treasury yields".

The Prime Minister was in Wales today on a pre-Brexit tour of the United Kingdom created to show she is listening to the views of every region. It stipulates that the two sides now have until March 2019 to agree on a divorce settlement and - if possible - establish a new relationship between Britain, the world's No 5 economy, and the European Union, a vast single market containing 500 million people.

The spokesman said Britain wanted to start withdrawal negotiations "promptly", but accepts that "it is right that the 27 have a chance to agree their position" before talks start.

Tusk said he would issue draft guidelines for the negotiations within 48 hours, and officials said European Union leaders are then likely to meet at a special summit in early May to approve them.

"He now knows the date on which Article 50 will be triggered".

"The legislation required for Brexit will leave little parliamentary time for anything else - and making a success of it will require a large volume of bills and secondary legislation to be passed by Parliament against a hard deadline", the BBC quoted Hannah White, IFG's director of research, as saying.

Britons voted by 52 percent to 48 percent to leave the European Union in a referendum in June 2016.

Mrs May has said MPs and peers will have a vote on the deal she negotiates but she has insisted the United Kingdom will leave anyway even if Parliament rejects it.

EU leaders have said they want to conclude the talks within 18 months to allow the terms of the UK's exit to be ratified by the UK Parliament and the European Parliament, as well as approved by the necessary majority of EU states.

Speaking soon after the date was announced during her ongoing tour of Wales, the British Prime Minister said she would work towards getting a "good free trade deal" from the EU.

"We are on the threshold of the most important negotiation for this country for a generation", Davis said.