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Britain PM Theresa May triggers historic Brexit
March 30, 2017, 8:52 am
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Britain’s Prime Minister Theresa May, sitting below a painting of Britain’s first Prime Minister Robert Walpole, signs the official letter to European Council President Donald Tusk, in 10 Downing Street, London on March 28, invoking Article 50 of the bloc’s key treaty, the formal start of exit negotiations. Britons voted in June to leave the bloc after four decades of membership.

Prime Minister Theresa May formally began Britain’s divorce from the European Union on Wednesday, declaring there was no turning back and ushering in a tortuous exit process that will test the bloc’s cohesion and pitch her country into the unknown.

In one of the most significant steps by a British leader since World War Two, May notified EU Council President Donald Tusk in a hand-delivered letter that Britain would quit the club it joined in 1973.

“The United Kingdom is leaving the European Union,” May told Parliament nine months after Britain shocked investors and world leaders by unexpectedly voting to quit the bloc. “This is an historic moment from which there can be no turning back.”

The prime minister, an initial opponent of Brexit who won the top job in the political turmoil that followed the referendum vote, now has two years to negotiate the terms of the divorce before it comes into effect in late March 2019. May, 60, has one of the toughest jobs of any recent British prime minister: holding Britain together in the face of renewed Scottish independence demands, while conducting arduous talks with 27 other EU states on finance, trade, security and other complex issues.

The outcome of the negotiations will shape the future of Britain’s $2.6 trillion economy, the world’s fifth biggest, and determine whether London can keep its place as one of the top two global financial centres.

For the EU, already reeling from successive crises over debt and refugees, the loss of Britain is the biggest blow yet to 60 years of efforts to forge European unity in the wake of two world wars. Its leaders say they do not want to punish Britain. But with nationalist, anti-EU parties on the rise across Europe, they cannot afford to give London generous terms that might encourage other member states to break away.

Source: Reuters

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