UK to begin Brexit in March 2017
Prime Minister of UK, Theresa May put an end to the mounting speculations by formally announcing that UK will start Brexit proceedings in March 2017. UK will trigger Article 50 of the Lisbon Treaty which defines a two-year process of exit from the 28-nation group of EU. There were growing opinions that Britain will not start the process till May after French Presidential elections. This clears air for Brexit to happen in 2019 as the Article 50 will start the clock for two years to begin negotiations for a smooth exit and leaves everyone with fair gains. British government has spelt an explicit time-chart to wind up the 40-year old relation with EU-its biggest partner in trade.
Procedure and Aftermath
Brexit will withdraw the Act that had placed UK as the forerunner of EU along with removal of European Communities Act 1972 from the Statute Book. Lawmakers are likely to pass a bill to include EU laws into British law and empower UK to decide which laws to be kept. This will take effect only after Britain has formally moved out of EU. The Prime Minister clarified that Britain will look forward towards a lasting relationship with EU but little was said about the future course of action. The negotiations will set in once Article 50 has been triggered. A Great Repeal Bill is also slated to be introduced in the upcoming Queens Speech. Brexit will restore sovereignty and independence status of Britain thereby putting an end to EU law in Britain. 52 percent Britons had voted to leave EU in a response to Brexit call by the prominent campaigners Nigel Farage and Boris Johnson.
The result of the referendum saw a steep decline in financial markets of EU and Britain and a great political chaos. There were concerns about the future of European integration and Britain in particular. The economic effects of the Brexit were an immediate shock to the finance markets, fall in value of pound, loss of AAA credit rating for Britain etc. Fears of a weak West as against rising might and stature of China and Russia are awash. However, the key issues which still remain are how will businesses of British firms in EU be maintained and what restrictions will be levied on the rights of EU citizens to come and work in UK. The future course will only come out of the negotiations which will begin next year.
A new government department has been set up by the new PM which will be headed by Conservative MP David Davis. Liam Fox who was the former secretary defence will now handle the portfolio of international trade secretary with Boris Johnson the new foreign secretary. These three have been popularly termed as the Three Brexiteers. They will be the central figures in carrying out all negotiations with the EU. Although the formal process prescribed after Article 50 is triggered should take 2 years, but it is suggested by some experts that the complete exit may even take upto 6 years as all the negotiations reached have to be approved by 27 national parliaments. Furthermore, UK will have to follow all treaties and laws of EU until it completely ceases to be a member. However, it can no longer be part of any decision-making process.
