UK Triggers Article 50 To Quit EU

by Jason Gorringe, Tax-News.com, London

30 March 2017

Theresa May has invoked Article 50, triggering the formal Brexit process.

Announcing the move in Parliament, she said: "We will pursue a bold and ambitious free trade agreement with the European Union that allows for the freest possible trade in goods and services between Britain and the EU's member states; that gives British companies the maximum freedom to trade with and operate within European markets; and that lets European businesses do the same in Britain."

May also reaffirmed that the UK could not remain part of the EU Single Market after leaving the EU.

"We are going to make sure that we can strike trade agreements with countries from outside the European Union too," she said. "Because important though our trade with the EU is and will remain, it is clear that the UK needs to increase significantly its trade with the fastest growing export markets in the world."

She added that the Government would seek a smooth transition in the Brexit process and will approach discussions "constructively, respectfully, and in a spirit of sincere co-operation."

The process of leaving Europe is expected to take at least two years.

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

To manage your mailing list preferences, please click here »