Formal Brexit process begins

Formal Brexit process begins

Two-year divorce process between the UK and the EU formally started today after EU Council President Donald Tusk received letter signed by UK Prime Minister Theresa May, regarding triggering the Article 50 of Lisbon Treaty.

The Brexit becomes real today, months after UK electorate voted in June 2016 for an unprecedented step to leave the European Union, which the UK joined in 1973.

UK PM May called today’s step as historical and from which there can be no turning back.

The United Kingdom is entering the unknown in next two years of uncertainty and tough negotiations that is seen as a test for UK which starts on its own and also test of cohesion and unity of the European Union.

Two-year negotiations are expected to shape the future of the Britain’s economy, the world’s fifth biggest, which is worth around $2.6 billion and also to signal whether London will be able to keep its position of one of two top global financial centers.

On the other side, the European Union is facing the biggest blow in its history on loss of Britain, as bloc’s economy has already been hit by successive debt crises and recent crisis with refugees.

The Brexit letter will start negotiation process, from which both sides expect to reach a comprehensive agreement, however, this would be a big challenge.
The UK is looking for the solution which will keep an access to European market of 500 million people, or at least to reach the best possible access to the market, as divorce process means withdrawal from the single market which guarantees free movements of goods, capital, services and people.

The European Union has already reacted before official start of Brexit process, saying that UK low-cost airlines will be required to register within the EU and under names of EU citizens, with similar rules expected to also apply on Banks.
This was the first signal of what consequences can Britain expect after exiting the bloc.

The UK faces another problem that raises uncertainty as the country is divided after Brexit decision.
England and Wales voted to leave the EU, while Scotland and Northern Ireland voted to stay.
In addition, Scotland is demanding an independence referendum, while Northern Ireland is talking about vote to leave the UK and unite with Ireland.

All these signal a strong uncertainty and tough times for the UK in next two years, as triggering Brexit would be a celebration day for some but disappointment for others.
Theresa May called for unity after decision to leave has been made and divorce process started.