The UK government has confirmed that it will trigger Article 50 on 29th March, officially beginning the Brexit process.
UK Prime Minister will formally activate Article 50 of the Lisbon Treaty a week on Wednesday, putting in motion the lengthy series of negotiations that will follow between the UK and the European Union. The negotiations have a two-year window in which to agree a replacement deal for the European Union agreement that the country is currentlypart of.
Secretary of State for Exiting the European Union David Davis said in a statement today: “Last June, the people of the UK made the historic decision to leave the EU. Next Wednesday, the Government will deliver on that decision and formally start the process by triggering Article 50.”
“The Government is clear in its aims,” he added. “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 pound initially weakened in the aftermath of the announcement, but has since rebounded to stand 0.05 per cent below its level at the start of the day, when it was at a three-week high against the US dollar.
Experts are expecting the pound to be volatile throughout the negotiations, although sterling’s weakness since the EU referendum last summer has been a boost for property agents looking to attract overseas investment to hotspots such as Liverpool and Manchester.