Article 50 to be triggered on March 29

20 March, 2017, 19:36 | Author: Benny Bass
  • A third of European firms to cut investment due to Brexit

"Next Wednesday, the government will deliver on that decision and formally start the process by triggering Article 50", Brexit secretary David Davis said in a statement Monday.

"I have also been clear that as we leave the European Union I will work to deliver a deal that works for the whole of the United Kingdom".

Once article 50 is invoked, the ball will be in the court of the European Union to produce a response, which is expected to take place within 24 hours.

"There will be a letter and she will notify President Tusk in writing".

Britain believes it can negotiate the exit agreement and a deal on future relations within the two-year negotiating period, although diplomats are sceptical.

The Prime Minister was expected formally to start negotiations with other European Union member states last week, after Parliament had passed a law allowing talks to begin.

"Everything is ready on this side", Margaritis Schinas, the spokesman for European Commission chief Jean-Claude Juncker, told a briefing. Leaders of the 27 nations will then meet in April or May to finalize their negotiating platform.

Meanwhile, Downing Street denied reports suggesting that ministers were considering a snap election after triggering Article 50.

But like any divorce, things may not go to plan.

Theresa May has said she believes that "no deal is better than a bad deal".

Many in government expect the start of the talks to be hard: "get ready for a spot of turbulence" says one of those intimately involved in the preparations for the negotiations.

Conflicts are likely to arise soon.

A figure of £57 billion to cover contingency liabilities to European Union, are costs that may arise in the future but can not be quantified at present, has been quoted.

British negotiators are sure to quibble over the size of that tab.

"This is not only the beginning of the process, it's also the beginning of a process by which the delusions of the Brexiteers will have a very brutal collision with reality", former U.K. Deputy Prime Minister Nick Clegg said in an interview.

Amid fears of the impact on jobs and growth of leaving the single market, May is pushing for "maximum possible access" for British companies.

There's also a chance Britain could walk away early without a deal if it thinks the talks are going nowhere.

That prospect alarms many British businesses.

"The attitude that the Scottish National Party (SNP) takes to the passage of Brexit-related legislation in Westminster could affect the smoothness with which that legislation passes through Parliament if they join forces with the Labour Party and Conservative rebels", it added. "So Britain will exit the European Union on 29 March 2019", the Downing Street spokesperson said.

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