Published: Tue, March 21, 2017
Global Media | By Abel Hampton

Sterling Slumps as UK's May Plans to Trigger Brexit Next Week

Sterling Slumps as UK's May Plans to Trigger Brexit Next Week

Britain's ambassador to the EU, Tim Barrow, informed the office of European Council president Donald Tusk this morning of Mrs May's plans.

It has been confirmed that Theresa May will trigger Article 50 next Wednesday.

A Government spokesman said: "This Government will harness the skills and resources across all departments to ensure that the statute book functions effectively on the day we leave - as part of delivering a smooth and orderly Brexit". May spokesman went on: "After we trigger the 27 will agree their guidelines for negotiations and the Commission will deliver their negotiating mandate".

European leaders have also been clear that Britain cannot get a better deal outside the EU than it had inside, amid fears that Brexit could cause other nations to leave the bloc.

Triggering Article 50 will mark the beginning of two years of negotiations, with a spokesperson for the Prime Minister stating that Theresa May is confident talks will stick to a two-year timeline.

"The government is clear in its aims: a deal that works for every nation and region of the United Kingdom and indeed for all of Europe - a new, positive partnership between the United Kingdom and our friends and allies in the European Union", Davis added.

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.

"I hope for realism on the sequence of things, realism on the price that it is going to cost, realism on the complexity and thus the timespan that will be necessary, because those are the things that I have missed so far from the British side", he said.

The notification of triggering Article 50 of a key European Union treaty will come in the form of a letter delivered to Tusk - though it was unclear whether it would come through an actual letter or an electronic missive.

UK-based think tank, the Institute for Government (IFG) in its report, "Legislating Brexit" issued on Sunday, said legislation will be needed to establish new policies on areas such as customs and immigration, the BBC reported.

The Prime Minister will visit Wales on Monday in a bid to keep the "precious Union" together after the divisive Brexit result.

She has said she wants a new relationship that is good for Britain and the European Union, but would rather walk away than accept a bad deal.

March 25 - The other 27 European Union leaders meet in Rome to mark 60 years since the bloc's founding treaty.

Video: How long until the United Kingdom leaves the EU?

Negotiations will begin to outline a UK Brexit deal, which could include trade deals - although this might be handled separately. Leaving the Single Market was not on the ballot paper in the referendum, it is a political choice made by Theresa May.

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