Article 50 to be triggered next week

Posted March 21, 2017

Stocks trimmed losses and eventually swung higher after the United Kingdom government said British Prime Minister Theresa May will trigger Article 50 on March 29 to begin the process of leaving the European Union, known as British exit or Brexit.

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

U.K. Brexit Secretary David Davis has said "the first meeting, bluntly, will be about how we do this?"

"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".

MPs on Wearside say they will look to hold the Government to account after Theresa May said she will trigger Article 50 next week.

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.

Prime minister Theresa May has said she wants to leave the European single market in order to be able to control immigration. However, 54 percent of the firms have said that they do not plan to make any changes in their investments after Brexit and only 32 percent of them said that might reduce their investments.

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He will also summon the leaders of the countries for a summit to endorse the final guidelines, expected in early May. May now moves on to what promises to be a hideously complex process of disentangling Britain from more than four decades of European integration, and there are concerns that it will be impossible to complete the negotiations within the two years.

The split came as Sir Tim gave an update verdict on the prospects for Britain agreeing a framework for future trade with the European Union within the two years of the Article 50 negotiations, to start next month.

Scottish voters backed remaining in the European Union by 62 percent to 38 percent in the Brexit vote last June, compared to the final result for the whole of Britain of 52 percent to 48 percent.

The British announcement comes as EU leaders are preparing for a gathering in Rome later this week to mark the 60th anniversary of the Treaties of Rome, which established the European Economic Community (EEC), forerunner to the current EU.

"President Tusk has said he expected there to be an initial response within 48 hours".

These terms may include a £50bn ($NZ87.5bn) "divorce bill" and Mr Juncker said Brexit could bring the remaining 27 members closer together: "They will all see from the UK's example that leaving the European Union is a bad idea".

May will meet First Minister of Wales Carwyn Jones, as well as local businesses, as she tries to show she is including all areas of Britain in negotiations with the EU.