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U.K. Sets Out Plan To Leave European Union By 2019

British Prime Minister, Teresa May said on Sunday that the U.K. would begin the formal method of leaving the European Union by the end of March 2017.

That means Brexit might occur in 2019.

Speaking on the BBC’s Andrew Marr Show, May said: “The people have spoken; we will deliver on that.”

Britain would trigger Article 50 of the EU treaty in the first quarter of next year, she said. That act will begin the clock on 2 years of exit negotiations with the other 27 members of the group.

This is the first time since the Brexit vote in June that British government has set out a clear timetable for the massively advanced task of unwinding its 40-year relationship with the U.K.’s biggest trading partner.

May also said she would ask lawmakers to pass a bill incorporating all EU laws into British laws that would take effect the moment Britain leaves the union. That legislation would mean the U.K. can decide which European laws to keep.

But she gave very little away about the future relationship she wants with the EU, of critical importance to Europeans living in Britain, Brits living in Europe, businesses, banks, and investors.

The big issue is to what extent Britain and Northern Ireland will need to sacrifice free trade with the rest of Europe reciprocally for the ability to limit immigration, an objective May said on Sunday the British people had clearly voted for.

Japanese auto manufacturer Nissan (NSANF) said last week that it required bigger clarity regarding the type of access Britain would have to the large EU market before it could commit to future investment in the country.

The U.K. economy has proven more resilient than expected in the wake of the EU vote on June 23, but a sharp fall in the price of the pound — that has boosted export revenue and tourist spending , and an enormous injection of cash from the Bank of England have helped limit the fallout

Source: CNN


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