Pound Retreats As UK PM To Invoke Article 50 On Wednesday

Cheryl Sanders
March 21, 2017

Tim Barrow, the UK's envoy to the EU, informed the bloc's president Donald Tusk on Monday morning that May will invoke Article 50 of the Lisbon Treaty-the official mechanism by which a member state withdraws from the union.

Downing Street failed to tell Scottish ministers it would trigger Article 50 before making a public announcement, despite previous suggestions.

Brexit Secretary David Davis said triggering Article 50 would initiate "the most important negotiation for this country for a generation".


The EU said it was ready to begin the negotiations and within 48 hours of the trigger on March 29, Tusk will send the other 27 member states his draft negotiating guidelines, which means that talks could start in May.

He told the Commons Brexit committee: "We will be having conversations with them beforehand".

GREAT YARMOUTH: The town of Great Yarmouth on the East Coast of England voted by 72% to leave the European Union. Officials from the U.K.'s Department for International Trade are investigating the possibility of keeping tariffs between Britain and the European Union at zero as part of an interim arrangement that could last up to 10 years, allowing more time for a full trade deal to be negotiated after Britain has left the bloc, according to sources familiar with the discussions that have taken place at the World Trade Organization.Under a little-known WTO clause, the United Kingdom and Brussels would be allowed a "reasonable length of time" after Brexit to agree a free-trade deal before trade law would force both sides to impose the same tariffs on each other as they do on everybody else.


Mr Farron repeated his call for voters to have the final say on the deal negotiated by Mrs May, arguing that departure from the European Single Market was not on the ballot paper in June. Britain had said it hoped the trade deal could be agreed, at least in outline, during the two-year period when the exit talks were being finalised. Once the European Union is formally notified that the United Kingdom intends to leave the bloc, a two-year countdown will begin. We want negotiations to start promptly.

After May's letter reaches Tusk, he is expected to distribute draft guidelines for the negotiations to the 27 other European Union member states. "The prime minister has confirmed that she will give a statement to parliament as well". Even if that overstates what is involved, there is a significant possibility (close to a certainty, really) that there may have to be transitional arrangements after the formal Brexit date (there have been suggestions that these might have to last for as long as ten years) as everything falls or is shoved into place.

The Institute for Government said in a report titled "Legislating Brexit" that the extra 15 measures would cover areas including immigration, agriculture and customs.


Other reports by iNewsToday

FOLLOW OUR NEWSPAPER