Sterling Slumps as UK's May Plans to Trigger Brexit Next Week

The official plan for Brexit is laid out in an official Government document

The triggering of Article 50, the never-before-used mechanism for a country to leave the European Union, will set off a two-year negotiation in which Britain will have to agree with its 27 erstwhile partners on the terms of divorce.

Notification comes 279 days after the referendum of June 23 previous year delivered a 52%-48% majority in favour of withdrawal.

Dr White said the Bills, dealing with issues such as immigration procedures, would be on top of the Great Repeal Bill, which will incorporate European Union law into British law.

A spokesperson for the European Commission said it was "ready to begin negotiations" and it had "everything ready and decided".

If all goes according to the two year negotiations allowed for in the official timetable, Brexit should happen in March 2019.

The notification of Article 50 will take the form of a letter to Tusk, likely outlining Britain's key objectives, followed by a statement by May to MPs in the House of Commons.

It warns that this will mean ministers having to achieve a fine balancing between giving too little parliamentary scrutiny or too prolonged, in-depth examination to Brexit-related legislation.

Britain is one of the oldest and largest members of the 28-nation bloc, and its departure has raised fears for the EU's future as eurosceptic movements gain support across the continent. "We want negotiations to start promptly but it's obviously right that the 27 have an opportunity to agree their position".

Brussels is expected to release an initial response to the Article 50 notification within 48 hours.

Once that is received, there will be a two-year negotiating process before the United Kingdom finally breaks away in 2019.

The British government confirmed that it would trigger Article 50 on March 29th, 2017.

Sir Tim Barrow, the UK's most senior representative at the European Union, said the 27 had had plenty of time to prepare for this moment and he expected them to set out their stall "pretty quickly".

Secretary of State for Exiting the European Union, David Davis, said: 'Last June, the people of the United Kingdom made the historic decision to leave the EU.

October 2018 - Barnier's target to finalise Withdrawal Treaty, to give time for ratification by the European Parliament and a majority in the European Council by March 2019.

Prime Minister Theresa May had already pre-announced the action back in October.

"Leaving the single market was not on the ballot paper in the referendum, it is a political choice made by Theresa May", he said.

"I don't think there are many countries that would have anything critical to say of such a deal as they would be helped by it", he added.

Britain's path will be set just days after the European Union celebrates the 60th anniversary of its founding Treaty of Rome on Mar 25.

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