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Financial News: EU Receives Historic Article 50 Letter From UK

EU Receives Historic Article 50 Letter From UK Triggering Brexit

03/29/2017 - 07:58:00 (RTTNews)

(RTTNews) - European Council President Donald Tusk on Wednesday received the historic letter from the British Prime Minister Theresa May, invoking the Article 50 of the Lisbon Treaty, thus triggering the formal two-year long process for the UK to leave the European Union.

The UK envoy to the EU Tim Barrow delivered the six-page letter to Tusk in Brussels around 13.20 CET.

"After nine months the UK has delivered," Tusk announced on the short messaging service Twitter soon after receiving the letter from Barrow. He also shared a photograph of the receiving the letter from the UK envoy.

Negotiations under Article 50 should conclude in two years and a leaked European Parliament resolution said Wednesday that the transition period after March 2019 would be no more than three years.

The resolution, which was reported by some media outlets, also said the EU will not agree a free trade deal with the UK in next two years.

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