Daily Management Review

Brexit Most Likely Triggered by April 2017 by the U.K.: Reports


08/20/2016




Brexit Most Likely Triggered by April 2017 by the U.K.: Reports
The best moment to trigger the start of formal talks over the U.K.’s withdrawal from the European Union, according to Prime Minister Theresa May’s team is the first part of 2017, reports Bloomberg quoting two British officials.
 
May is sympathetic to the case for acting by April at the latest as Germany and France prepare for elections and pro-Brexit campaigners at home warn against delay even as reports emerged in the U.K. media recently which suggested May could wait until the end of 2017 before opening two years of negotiations.
 
Following the news, there was a drop in the pound the most in two weeks. Paring a weekly advance against the dollar, Sterling fell against all of its 16 major peers. As of Friday, it declined 1 percent to $1.3042, the steepest since Aug. 4.
 
Invoking Article 50 of the Lisbon Treaty, which lays out how a country quits the EU, could be best suited during a March summit of European leader, one of the officials said.
 
To allow her government time to form a team and to prepare positions for what are likely to be marathon negotiations, May has held off starting the clock on Britain’s exit from the EU. And hence any move before the end of this year has been ruled out.
 
Since the new departments May has set up to handle the transition won’t be up and running as soon as once hoped, May might not even invoke Article 50 until the end of next year, The Sunday Times reported on Aug. 14. While Fox and Foreign Secretary Boris Johnson have already squabbled over the roles their departments will play, the chief Brexit negotiator, David Davis, and Trade Secretary Liam Fox are still in the process of hiring staff.
 
European leaders including Germany’s Angela Merkel have since accepted that Britain will need time to decide how it wants to work with the EU in future after some initially urged the U.K. to leave as quickly as possible following the June referendum.
 
However there are likely to be limits for their patience. Merkel and French President Francois Hollande are unlikely to want an extended period of uncertainty threatening their economies as they campaign for votes as they both face elections next year.
 
Germany will probably hold a parliamentary election in September and the first round of France’s presidential ballot is in April. The officials said that before those votes add further uncertainty to the political outlook, May would prefer to start formal exit talks.
 
Talks on Europe’s future in Italy on Monday are scheduled to be held by Merkel, Hollande and Italian Prime Minister Matteo Renzi.
 
“We’re seeing a great deal of uncertainty right now. There’s a fundamental understanding in the EU that the British government needs to reach clarity first. But things shouldn’t be put on the back burner, either,” German Deputy Foreign Minister Michael Roth said in a separate interview this week
 
Suspicions that May won’t deliver on her pledge to carry through the referendum result could also crop up among the U.K.’s pro-Brexit camp if May waits too long to begin talks.  Already warnings against procrastination have been delivered by Conservative lawmaker John Redwood and Nigel Farage, the former leader of the U.K. Independence Party.
 
(Source:www.bloomberg.com) 






Science & Technology

Fast Company: Apple isn't the most innovative anymore

U.S. Space Program Could Be Delayed Due To SpaceX, Boeing Design Risks: Reuters

What trends will be affecting the health sector in the coming years?

Deloitte identifies main cyber threats for power industry

Zenuity To Take Self Driving Car Road Test In Sweden With Permission

Researchers: Half of Facebook users is fake

Amazon’s Ring gets in a privacy scandal

Facebook Is Creating A Stablecoin For Its WhatsApp Users

IBM offers to use the first quantum computer

Passport Numbers Of 5 Million Customers Hacked: Concedes Marriott

World Politics

World & Politics

AirHelp expects up to 33 th of cancellations and flight delays per day all over the world in 2019

Far-right and Catalonia: New elections in Spain

Trump is losing rating because of shutdown

Hanoi, Vietnam Chosen As Place For 2nd Summit Between Trump And Kim Jong-Un

US, China to hold new negotiations in Beijing

Human Rights Not To Be Dissociated From Stability, Macron Tells Sisi

Brexit Hijack Is Not The Parliament’s Right

Macedonia ignites political crisis in Greece