Theresa May Will Trigger Article 50 On March 29, Starting Brexit Process

It appears that the long-awaited Article 50 trigger, officially beginning the Brexit process, will take place next Wednesday, March 29, because moments ago a Theresa May spokesman confirmed a report in the UK’s CityAM, reporting that Article 50 will be triggered next Wednesday.

  • U.K. TO TRIGGER BREXIT ON MARCH 29, MAY’S SPOKESMAN SAYS
  • THERESA MAY WILL TRIGGER ARTICLE 50 NEXT WEDNESDAY: CITYAM

Some more details from Bloomberg:

  • U.K. envoy to European Union Tim Barrow informed European Council President Donald Tusk’s office of Brexit trigger date Monday, Prime Minister Theresa May’s spokesman James Slack tells reporters in London.
  • Slack says Britain will trigger Article 50 of the Lisbon Treaty, formally starting Brexit process, on March 29, via letter to EU
  • Slack: “After we trigger, the 27 will agree their guidelines for negotiations and the Commission’s negotiating mandate”
  • Says: “President Tusk has said he expects an initial response within 48 hours. We want negotiations to start promptly”

EU Council president Donald Tusk is now expected to respond formally within 48 hours although the detailed EU negotiating position is not expected to emerge until later in the spring.

David Davis, the UK’s Brexit secretary added that “The Government is clear in its aims: a deal that works for every nation and region of the UK and indeed for all of Europe – a new, positive partnership between the UK and our friends and allies in the European Union.”

As the FT adds, the pre-announcement of the timing of the Article 50 letter is partly aimed at preparing financial markets for the formal start of the Brexit process which will last at least two years.  Downing St has been anxious in recent months to counter the risk that major Brexit announcements are inevitably accompanied by falls in the value of the pound. 

Meanwhile, cable has not reacted to the news, with the pound trading at a three-week high against the dollar at $1.2410 on Monday.

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Original source at: zero hedge - on a long enough timeline, the survival rate for everyone drops to zero | http://www.zerohedge.com/news/2017-03-20/theresa-may-will-trigger-article-50-march-29

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Everyone knows that the US, China, and the EU are some of the world’s biggest economies.

But sometimes it’s difficult to visualize how these economic powerhouses look relative to other major economies.

So to represent how much each big economy matters to global growth, Charles Schwab’s Jeffrey Kleintop put together a chart showing the major economies’ share of world GDP and their 2016 growth forecast by the IMF.

It’s notable that some of the fastest growing economies like India and Indonesia have less weight on the global economy, while the US economy is growing at a slower pace but has significantly more weight.

Another interesting comparison is China versus the EU. In terms of GDP, the EU is twice as big as China, but China’s (slowing) growth rate is still much greater than that of the EU.

And while both Russia and Brazil are looking at a grim year of growth, they are significantly smaller chunks of the global economy than many of the other countries on the chart.

Putting all of these growth forecasts together, Kleintop notes that, “the IMF expects faster global growth in 2016 than last year, tying the recent drop in the stock market to a growth scare rather than an oncoming global recession.”

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Original source at: Markets | http://feedproxy.google.com/~r/TheMoneyGame/~3/aLV08QZ9riw/how-much-big-economies-matter-to-global-growth-2016-1

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