On March 29, the United Kingdom officially launched the Brexit process by triggering Article 50 of the Lisbon Treaty, the mechanism that gives member states two years to negotiate a new trade agreement with the European Union (EU). UK Prime Minister Theresa May officially began the divorce procedure in a letter to EU Council President Donald Tusk.
The UK’s departure from the EU is “a historic moment from which there can be no turning back,” May said.
Tusk confirmed receiving the letter by tweeting: “After nine months the UK has delivered. #Brexit.”
Fears about the effects of Brexit have been top of mind for investors, citizens and business executives. But analysts say the first risk is the divorce itself. Article 50 pits Downing Street against 27 EU states that don’t appear eager to extend free market access to the UK. In fact, the EU may look to make an example out of Britain for any member state wishing to follow its path. Previously, Brussels had indicated that continued free mar...