Britain's post-Brexit future
World

Britain's post-Brexit future 

20 Mar 2017 | By NewsBytes Desk

Brexit process to commence on 29 March

British Prime Minister Theresa May said the UK would begin the formal Brexit process on 29 March by triggering Article 50 of the Lisbon Treaty.

They have also informed European Council President Donald Tusk about the development.

Brexit minister David Davis called it "the most important negotiation for this country."

Negotiations are expected to go on for 2 years after triggering Article 50.

Timeline
Introduction

About the European Union and Britain

The 1952 European Coal and Steel Community Treaty and 1957 Treaty of Rome laid the foundation for 'European Union'.

Britain joined the bloc in 1973; the 1993 Maastricht Treaty created EU.

Facing several issues, Britain wanted to exit EU.

After failed renegotiations of EU-Britain ties, the then-British PM David Cameron announced that a referendum on Brexit (Britain's Exit) would be held in Jun'16.

Brexit Referendum

Theresa May succeeds PM David Cameron

Theresa May succeeds PM David Cameron

In Feb'16, PM Cameron officially announced the Brexit referendum would take place on 23 Jun'16.

Britons had voted to leave the European Union in the referendum; 51.5% of the Britons voted for Brexit, while 48.5% to remain.

After the referendum, PM Cameron resigned on 24 Jun'16; Home Secretary Theresa May assumed office, succeeding Cameron on 13 Jul'16 after a tight race for the post.

21 Oct 2016

UK PM Theresa May to discuss post-Brexit ties with EU

Prime Minister of the United Kingdom Theresa May would reportedly convey to the EU that it is time to discuss the bloc's future ties with Britain post-Brexit.

She would outline her approach to the ties with the remaining 27 leaders during a dinner at an EU summit in Brussels.

She would also dispel suggestions that Britain could hold another referendum to reverse Brexit.

Fact

Statement of an anonymous official in May's office

"The British people have made a decision, and it's right and proper that the decision is honored. There will be no second referendum. The priority now has got to be looking to the future and the relationship between the UK and the EU."

24 Nov 2016

Brexit to cost additional €143 billion

Brexit to cost additional €143 billion

The UK's Office for Budget Responsibility (OBR) said that until early 2021, covering the direct and indirect costs of Brexit would cost an estimated €143 billion.

Of this, €69.6 billion would be direct additional borrowing costs, €18.8 billion would be lost to lower migration and €21.3 billion to lower productivity.

The Economic secretary to the Treasury Simon Kirby admitted it would "impact the GDP."

09 Feb 2017

UK House of Commons passes Brexit bill

The House of Commons in the UK passed the European Union (Notification of Withdrawal) Bill by 494 votes to 122, allowing Theresa May to trigger article 50 of the Lisbon Treaty to start the Brexit process.

Now, the bill has to be approved by the House of Lords.

Even after article 50 is triggered, it will be until 2019 before Brexit is complete.

02 Mar 2017

Government suffers defeat on Brexit Bill

The British government was defeated after the House of Lords stated that ministers should ensure "EU nationals' right to stay in the UK after Brexit."

While the MPs can remove changes when the bill returns to the House of Commons; this vote, by 358 to 256, is the first blow to the government's Brexit bill.

Ministers said protecting UK expats overseas was a priority.

14 Mar 2017

Parliament clears way for Brexit bill

Parliament clears way for Brexit bill

The parliament has paved the way for the UK to trigger Article 50 of Lisbon Treaty and begin the Brexit process after passing Brexit bill.

The bill will get royal ascent to become a law. The Brexit process can formally begin after the bill becomes a law.

Meanwhile, Scotland's First Minister Nicola Sturgeon announced her intention to hold a referendum on Scottish independence.

20 Mar 2017

Brexit process to commence on 29 March