The countdown has been revealed; Theresa May has said she will invoke the formal process for the UK to leave the European Union by March 2017 – with a two year negotiating timeline that would mean a 2019 Brexit.
Speaking at the Conservative Party‘s annual conference, Theresa May has confirmed she will trigger article 50 in March 2017. The British Prime Minister introduced the ‘Great Repeal Bill’ which will repeal the 1972 European Communities Act – all law formed in Europe would no longer have primacy in the UK. The European Court of Justice (ECJ) would no longer be able to deliver binding judgments to Britain. The ‘Great Repeal Bill’, if passed by parliament, wound run in conjunction with Brexit negotiations and would be the first step towards total sovereignty for Britain.
Unsurprisingly, there have been conflicting reactions to the pace of the Brexit strategy. The Eurosceptic are calling for an immediate exit. While others appeal for quality negotiations for Britain, which could prove difficult given the constraint of a hasty departure.
Subsequently, uncertainty looms in the markets. The Pound is on a downward trend, hitting a 3 year low vs the EURO. Conversely, the FTSE 100 is on an upward trend, hitting a 16-month high following May’s deadline promises.