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UK may not need two years to get EU divorce deal – minister

Friday, Sep 23 2016

Britain expects to start the divorce procedure to leave the European Union early next year and may not need two years to negotiate a deal, Foreign Secretary Boris Johnson said on Thursday. London is under pressure from fellow EU members to invoke Article 50 of the EU's Lisbon Treaty, which triggers the start of the exit from the bloc. After that, Britain will have two years to negotiate a deal. Aides to Prime Minister Theresa May have suggested she hopes to trigger the procedure early next year to assuage any fears in her ruling Conservative Party and among millions of British voters that their decision to leave will not be heeded promptly.

 

Johnson, speaking to Sky News television in New York, said Britain was already talking to its fellow members about future ties. "What we're doing is talking to our European friends and partners now in the expectation that, by the early part of next year, you will see an Article 50 letter, we will invoke that, and in that letter I'm sure we will be setting out some parameters for how we propose to take this forward," Johnson told Sky News television in New York. "You invoke Article 50 in the early part of next year. You have two years to pull it off. I don't actually think we will necessarily need to spend a full two years but let's see how we go."

 

Sterling is currently being traded around 1.2960 handle. Pair is likely to find support around 1.29 area and resistance above 1.30  level.

 

Source: Reuters.com

Last modified on Saturday, 24 September 2016
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