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2/27/2019, 12:47 PM (Source: TeleTrader)
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Two-year Brexit delay if agreement not reached – report

Several members of the United Kingdom Prime minister Theresa May's cabinet believe that the European Union will not allow a short extension of the Article 50, the Evening Standard reported on Wednesday. Multiple sources asserted that Brussels will demand a two year Brexit delay in case the sides fail to reach an agreement in the following couple of weeks.

If Britain asks for an extension in a no-deal scenario, the EU could dictate the terms of transitional period, demanding a 21-month delay of Brexit proceedings. This would also postpone the negotiations regulating the trade relations between two parties. Multiple UK ministers disclosed that a divorce from the bloc at least until June would be "inevitable" due to the lag in legislation adoption.

Theresa May expressed dissatisfaction with a potential Article 50 extension, saying that any delay beyond June would mean taking part in the European elections.

Breaking the News / MA