Theresa May: Brexit process will start by March 2017

8 years ago - Published in Finance, Fundamental Analysis

Britain will trigger the formal process for leaving the European Union before the end of March 2017, Prime Minister Theresa May said Sunday, during the Conservative Party conference. 
Announcing the historic change, May said: “We will introduce, in the next Queen’s speech, a Great Repeal Bill that will remove the European Communities Act from the statute book. That was the act that took us into the European Union". Then, speaking to the BBC, May stressed that the negotations required at least 2 years.

“This marks the first stage in the UK becoming a sovereign and independent country once again. It will return power and authority to the elected institutions of our country. It means that the authority of EU law in Britain will end.”
According to PM May, offering a timetable is a way to encourage the two sides to engage in preliminary work. One of the biggest point to discuss will be immigration; free movement of workers is a fundamental principle of the Treaty of Lisbon.

It's important to remember that the first step toward leaving the EU is for the U.K. to formally notify the European Union of its decision to leave. This is done by invoking a provision known as Article 50 of the Lisbon Treaty. 

Brexit Secretary David Davis told the conference: "When it comes to the negotiations, we will protect the rights of EU citizens here, so long as Britons in Europe are treated the same way – something I am absolutely sure we will be able to agree. To those who peddle hate and division towards people who have made Britain their home, let the message go out from this hall, we say you have no place in our society".
And Davis underlined: "It's very simple. At the moment we leave, Britain must be back in control. And that means EU law must cease to apply".

On the other hand, the opposition Labour Party asked for more clearness. Stephen Kinnock, a member of Parliament said in statement: "And yet what Brexit means is still unclear, and the government has no specific mandate for its negotiating position, assuming that it has one".