ibusinesslines.com
ibusinesslines.com March 24, 2017


EU summit '4 to 6 weeks' after Brexit trigger: European source

21 March 2017, 01:22 | Kelvin Horton

Theresa May to visit Wales as she faces pressure to keep Union together

Politico: Britain's Brexit Plan B

In the wake of the UK's vote last June to leave the bloc, senior European Union officials were convinced that Britain would refuse to trigger the formal divorce process - because of the tactical drawbacks of working to a two-year deadline.

The start of negotiations will come nine months after the United Kingdom voted to leave the European Union by a 52% - 48% majority in a referendum on June 23 previous year. Brexit secretary David Davis said that there is a Fixed Term Parliament Act, which the prime minister intends to honor.

While May says "no deal for Britain is better than a bad deal for Britain", quitting the bloc without a pact or more time to negotiate one would leave the country exposed to World Trade Organisation tariffs, putting duties of around 10 per cent on auto exports alone. "I have also been clear that as we leave the European Union I will work to deliver a deal that works for the whole of the United Kingdom". The country doesn't know what its future relationship with the bloc will look like - whether its businesses will freely be able to trade with the rest of Europe, its students can study overseas or its pensioners will be allowed to retire easily in other European Union states.

One of the main stumbling points in trade deals is agreeing on similar regulatory standards.

The EU has yet to set a date for a summit to respond to Britain's notice of withdrawal but it should be between four and six weeks after March 29, an EU source said on Monday.

The European Commission's Brexit negotiator Michel Barnier has said they must be wrapped up by October 2018 to give the EU and national parliaments time to ratify the deal.

With May unwisely having opted for a "hard Brexit" and both France and Germany preoccupied with elections this year, the timetable will be even more challenging than it was already always going to be.

The letter May sends next week will plunge Britain into a period of intense uncertainty.


Mr Tusk tweeted that he plans to present draft Brexit guidelines to the remaining 27 member states within 48 hours of notification.

May's closest advisers had been weighing up whether to trigger Article 50 earlier in the month, aware that it would be seen as bad form in European capitals to overshadow this weekend's 60th anniversary celebrations of the signing of the Treaty of Rome.

The European Commission said it stood ready to help launch the negotiations.

However, Nicola Sturgeon's demand for a second independence referendum in Scotland last week - coupled with the delay in getting the Article 50 bill through the House of Lords - limited the government's choices.

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".

Meanwhile, Britain's Institute for Government has said as many as 15 new Parliamentary Bills may be needed due to Brexit.

The extra measures will place "a huge burden" on Parliament and government departments, the think tank says.



Other News

Trending Now

Special Olympics to feature several Richmond residents
Sarason will compete in three cross-country skiing events during the games: a 500-meter race, a 1-kilometer race and a relay. Robert Johnson, a mainstay at the Special Olympics, marked his 46th year coming to the games.

Supreme Court nominee Neil Gorsuch in Senate hearing
And beware of senators, Republican or Democrat, trying to pin Gorsuch down on hot-button issues such as abortion or gun rights. Dianne Feinstein said. "I firmly believe the USA constitution is a living document meant to evolve as our country evolves".

Dunbar's Hollingsworth named Gatorade POY
The 6-foot-6, 210-pound senior forward led the Bison to a 16-7 record and the semifinals of the Class AA state tourney this year. Hollingsworth is the first WKU signee to win Gatorade's Kentucky Player of the Year award since Steffphon Pettigrew in 2007.

White House says underfire Trump campaign chair had 'very limited role'
Spicer said reporters have jumped to conclusions and falsely assumed in some instances that the president was golfing. Trump holds a golf club during a media event at the site for his then yet-to-be-built golf course in Scotland.

Healthcare Stocks To Watch: Arena Pharmaceuticals, Inc. (ARNA), Delcath Systems, Inc. (DCTH)
According to Thomson Reuters , sell-side analysts are forecasting a harmony target price of $6.70 on company shares. The net percent change held by Institutional Investors has seen a change of 44.48% in last three month period.

Uncharted: The Lost Legacy Won't Include Nathan Drake, Naughty Dog Says
"Uncharted: The Lost legacy" is a standalone expansion with access to the " Uncharted 4 " multiplayer and Survival modes. They thought about him making a cameo, but they chose to leave him alone as his story was all wrapped up in Uncharted 4.

Vodafone, Idea Cellular to create new Indian market leader
The Aditya Birla Group will then own 26.0% of the combined company and Idea's other shareholders will own the remaining 28.9%. The deal excludes Vodafone's 42 per cent stake in Indus Towers Ltd.