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Brexit negotiations to begin within 6 months

  • Brexit negotiations to begin within 6 months

    by Market Insider

    Monday, 03 Oct. 2016

    The British Prime Minister, Theresa May, has ended weeks of speculation regarding the timing of the UK withdrawal from the EU. Over the week-end the PM revealed that she will launch formal talks with EU leaders before the end of March 2017. The timing means the UK looks set to leave the EU by summer 2019.
     
    In order to begin the process the PM must invoke Article 50 of the Treaty on European Union. The Article allows for a negotiation period of up to two years, after which the treaties cease to apply. While the terms of the withdrawal have yet to be established, Prime Minister May has promised a bill to remove the European Communities Act 1972 from the statute book and to transfer existing EU laws into the UK domestic law.
     
    The future direction of negotiations and the impact of yet-to-be mediated trade deals all remain to be tackled. Will this mean more or less paperwork; will tariff regimes; will new standards of food safety be constructed and applied? The immediate impact on currency, however, was quite clear. Following the announcement, the pound started the week down, falling during Monday morning to a three-year low against the Euro and to a six-month low against the dollar. 
     
    Imported goods, such as spices and dried herbs will be impacted and become more expensive to the consumer if this sterling weakness persists.
     
     

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