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3/20, 12:33 PM (Source: TeleTrader.com)
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Downing Street: Article 50 to be triggered on March 29

The United Kingdom confirmed that it will trigger Article 50 of the Lisbon Treaty on March 29 and thus begin its exit from the European Union, a government spokesperson said on Monday.

Prime Minister will inform President of the European Council Donald Tusk of her country's intentions on March 29. EU officials stated earlier that it will take around 48 hours for them to respond to the UK’s demand.

Once Article 50 is triggered, the UK and the EU have two years to part ways.

On Saturday, EU leaders are meeting in Rome to mark the 60th anniversary of the Rome Treaty which established the European Economic Community, a predecessor of the EU. However, it was only the Lisbon Treaty, which came into force in 2009 that envisaged a procedure for a state to leave the block.

UK citizens voted in a referendum to exit the EU last June.

 

TeleTrader Newsroom / VP