With Prime Minister Theresa May invoking Article 50, here are the key dates investors with British assets should be ready for over the next few years.
After the landmark vote and months of debate and uncertainty, today (Wednesday March 29th) the UK officially begins the process of leaving the European Union.
British Prime Minister Theresa May has signed the letter that confirms to Brussels her country’s intention to leave the Union. Giving notice under Article 50 of the Lisbon Treaty, the clause which enables member states to withdraw, the letter will now be delivered to Donald Tusk, Head of the European Council.
What will this mean for my investments?
While nothing has actually changed as a result of Mrs May signing this letter, investors, particularly those with high-risk investments such as equities, should be prepared for potential market volatility over the next few days.
From shares to UK property, to find out everything you need to know about what the triggering of Article 50 means for your British investments, read our comprehensive article from March 3rd:
The Brexit timeline – Dates for investors’ diaries
What the signing of the Prime Minister’s formal letter has done, though, is begin a period of negotiations between Britain and the EU that will last two years, as both parties map out the terms of Brexit and the UK’s future relationship with EU member states.
It’s likely to be a complicated process and, as such, markets are likely to react to any new announcement or media comment, as analysts and commentators try to guess the state of the negotiations.
Here are some key dates over the next two years, as outlined by the BBC, that investors need to watch out for:
- March 29th: Article 50 is officially invoked – Brexit process begins
- April 29th: Summit of EU leaders without the UK – they will give the European Council the mandate to discuss the terms of Brexit with the UK government
- May: The European Commission will publish its negotiation guidelines, which may also give the first indications of what a future relationship between the EU and the UK might look like
- May/June: Official negotiations between the EU council and the UK government begin
- September/October 2017: The British government will create the Great Repeal Bill, legislation that will outline how existing EU laws will be converted into UK law once the country has left the Union
- October 2018 – March 2019: With a Brexit deal drawn up, the Houses of Parliament, European Council and European Parliament will vote on the terms of the deal, paving the way for an agreement or an extension on the negotiating period
- March 2019: The UK will officially no longer be part of the EU