Last June, the United Kingdom voted to leave the European Union through the historic “Brexit” vote. The vote stunned pols and pundits, and sent a shockwave throughout the world. For the first time, a nation-state chose to leave the EU experiment.
Much controversy has surrounded the Brexit vote, as many have attempted to drag out the process. However, the date has finally been announced for when the United Kingdom will activate Article 50 of the Lisbon treaty, and begin the process of exiting the EU.
That date will be next Wednesday, March 29.
Zero Hedge reported that UK Prime Minister Theresa May will trigger Article 50 next week, May’s spokesman confirmed to the UK CityAM.
Britain’s ambassador to the EU Tim Barrow told the office of European Council President Donald Tusk that Britain will trigger Article 50 of the Lisbon Treaty, Mrs. May’s spokesman said. He said he expects talks to begin promptly, but that the U.K. understands the 27 EU countries will want time to deliver their response. Slack said that “after we trigger, the 27 will agree their guidelines for negotiations and the Commission’s negotiating mandate” and added that “president Tusk has said he expects an initial response within 48 hours. We want negotiations to start promptly.”
EU Council president Donald Tusk is now expected to respond formally in the next two days, although the detailed EU negotiating position is not expected to emerge until later in the spring.
David Davis, the UK’s Brexit secretary added that “The Government is clear in its aims: a deal that works for every nation and region of the UK and indeed for all of Europe – a new, positive partnership between the UK and our friends and allies in the European Union.”
The Brexit process will last approximately two years, giving the economies of both the EU and UK time to prepare for the big changes that will be coming on a macro-level.
Brexit is truly historic. Just for a little throwback, how about Nigel Farage’s famous (or infamous) victory speech in front of the EU Parliament shortly after the vote. Enjoy the globalist-bashing!