Brexit explained: What's next on the UK's road out of the EU

20 March, 2017, 21:12 | Author: Valerie Burke
  • Theresa May To Trigger Article 50 Wednesday 477 17407906 10155186972049031 332901484

The process that begins Britain's exit from the European Union will formally be triggered on 29 March, the British government said Monday.

The move will start the clock ticking on a two-year countdown to Brexit and allow negotiations to start between London and Brussels in the coming weeks.

The European Council's president said on Twitter he will present draft Brexit guidelines to the other 27 EU member states within 48 hours.

But by whom? Perhaps Britain's Ambassador to the EU, Sir Tim Barrow or the Brexit Secretary, David Davis MP? These include getting a good free trade deal.

The European Commission said it stood ready to help launch the negotiations. The EU says Britain must pay a hefty divorce bill of up to 60 billion euros ($64 billion), to cover EU staff pensions and other expenses the United Kingdom has committed to. "We are going to be out there, negotiating hard, delivering on what the British people voted for".

She has been vocal that Britain is heading for a "bad deal" on Brexit and apparently wants out.

The Supreme Court ruled in January that May's government must obtain approval from the British parliament to trigger Article 50, prompting the introduction of emergency legislation. Doing so will end our period of national soul-searching and begin the formal process of divorce. Both sides agree that giving such citizens a guarantee that they will be able to stay where they are is a top priority.

The IFG said such an emphasis on legislation related to legal European Union withdrawal means the British government's domestic agenda will take a hit.

Prime Minister Theresa May has said that she will trigger Article 50 on Wednesday March 29.

The guidelines - a short and broad political document that will outline the principles of the negotiation mandate for the European Union side - are already being prepared by Tusk's office.

The formal process is expected to take two years according to an official table setting out deadlines, which - if stuck to - would see the United Kingdom officially become autonomous in 2019.

"Sterling handed back its gains and turned negative for the day as the market reacted to the announcement - despite the fact it's a known quantity we have to assume that the stark reality of exiting the European Union is hitting home", said Neil Wilson, analyst at ETX Capital.

There is logic to this; if it became clear that it was reversible it would lose its credibility as a one-way ticket out of the club.

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