Brexit article 50 will be triggered next week
A significant development!
Yes, you're correct. The UK government has announced that Article 50 of the Treaty on European Union (TEU) will be triggered on March 29, 2017, which marks the formal notification to the European Union (EU) of the UK's intention to leave the EU.
Article 50 is a two-year process that sets out the procedure for a member state to withdraw from the EU. Once triggered, the UK will have two years to negotiate the terms of its withdrawal with the EU, after which the withdrawal will take effect.
The triggering of Article 50 is a major milestone in the Brexit process, which was approved by the UK Parliament in January 2017. The move is expected to have significant implications for the UK's economy, politics, and international relations.
Here are some key points to note:
- Notification letter: The UK government will send a formal notification letter to the EU, informing them of its intention to withdraw from the EU.
- Two-year negotiation period: The UK and EU will have two years to negotiate the terms of the UK's withdrawal, including issues such as trade, borders, and citizens' rights.
- Withdrawal agreement: The UK and EU will aim to agree on a withdrawal agreement, which will set out the terms of the UK's departure from the EU.
- Transition period: The UK and EU may agree on a transition period, which would allow for a smooth transition from the UK's membership of the EU to its new status outside the EU.
- Impact on UK-EU relations: The triggering of Article 50 marks the beginning of a new era in UK-EU relations, with the UK set to become a non-EU country.
The triggering of Article 50 has been a highly anticipated event, and its implications will be closely watched by businesses, investors, and governments around the world.