Brexit process will officially start next week

Pound slips on Article 50 news

Speaking after London announced that Prime Minister Theresa May would start the two-year withdrawal process by writing to European Union summit chair Donald Tusk next Wednesday, the source said this did not leave enough time to convene the other 27 leaders on April 6-7, dates that had been penciled in for a meeting.

The United Kingdom has informed European Council President Donald Tusk's office of May's intention, the spokesman said.

The Pound Sterling fell half a cent against the dollar on what Brexit minister David Davis described as a move taking Britain to "the threshold of the most important negotiation for this country for a generation". Britain had said it hoped the trade deal could be agreed, at least in outline, during the two-year period when the exit talks were being finalised.

"We are going to be out there, negotiating hard, delivering on what the British people voted for", May said on Monday.

Continued full membership of the customs union is unlikely as it would prevent Britain striking its own trade deals with non-EU countries, a key plank of May's strategy for a new "global Britain".

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She has said she wants a new relationship that is good for Britain and the European Union, but would rather walk away than accept a bad deal.

A spokesman said the government wants negotiations to start as soon as possible but added that they "fully appreciate it is right that the other 27 European Union states have time to agree their position". Pro-EU Liberal Democrat leader Tim Farron warned that May was embarking on an "extreme and divisive" Brexit plan. While others assume that Brexit will set a precedent for other European countries to break away from the EU, Juncker strongly disagrees that this will happen. May is seeking to emphasise Britain's contribution to European security through training, cyber security and martime patrols as she begins the Brexit divorce process.

The "G-20 meeting revived worries about the U.S.'s trade protectionism as finance chiefs were brought to drop a reference to fight protectionism in their joint statement", said Ipek Ozkardeskaya, senior market analyst at London Capital Group, in a note. "Independent of the effects of Brexit, Great Britain remains a strong partner and ally in North Atlantic Treaty Organisation and also bilaterally", it told the paper.

The UK now pays about 12 per cent of the EU's budget, which means its withdrawal will impose bigger financial burdens on the likes of Germany and France. Without this, once the United Kingdom leaves the EU, Sturgeon thinks that Scotland risks being taken out of the EU against its will. Reports coming out of Brussels noted that deliberations could start only in June.

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