Source: News Bharati English29 Mar 2017 11:34:51
London, March 28: The issue of Brexit has been the news of the hour from many months now. The withdrawal of Britain from the European Union has lit fire on the television sets again when yesterday Britain’s Prime Minister Theresa May signed the Article 50 notification letter of the Lisbon Treaty.
Article 50 refers to the formal procedure by which an EU member state notifies the European Council that it intends to leave the 28 member bloc.
The 8 page letter was signed by Theresa May and will be delivered to European Union President Donald Tusk in Brussels. “We are one great union of people and nations with a proud history and a bright future. And, now that the decision has been made to leave the EU, it is time to come together.”, says May.
On April 29, the leaders will meet at the European Council summit to agree the mandate and clear the talks of the future trade arrangements and Britain’s exit. Before Brexit, EU leaders have been warned of a €50 billion divorce bill.
A two year process is required for Britain to have an exit from European Union. If both sides do not extend the deadline of their mutual talks then UK will leave on March 29, 2019.