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UK To Begin 'Hard Brexit' Process

by Jason Gorringe, Tax-News.com, London

23 March 2017


The UK Government has confirmed that it will invoke Article 50 to launch the Brexit process on March 29, 2017.

"We are on the threshold of the most important negotiation for this country for a generation," said Brexit Secretary David Davis, announcing the news.

Earlier this year Theresa May ruled out the possibility of the UK remaining part of the EU Single Market, in a speech that gave more detail on her Brexit strategy.

In outlining plans for Britain to secure full control of its affairs, including on legal matters and immigration, she said that this "cannot mean membership of the Single Market."

May said that she would instead seek to gain "the greatest possible access" to the European market "through a new, comprehensive, bold, and ambitious free trade agreement."

May said while she wants the UK to remain part of the customs union, as an "associate member," the UK would seek concessions to enable it to engage with other territories towards its own free trade agreements and not be bound by the Common External Tariff.

The process of leaving Europe, which can only formally begin once Article 50 is triggered, is expected to take at least two years.

TAGS: export duty | United Kingdom | agreements | import duty | trade | Europe

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