Just when the world thought Theresa May would let that whole ‘Brexit’ thing slide, hoping everyone would forget about, the new British PM has confirmed that “article 50” – the legal execution of Brexit – will most likely be triggered by April 2017 (wanting to get this done before the crucial French and German elections). Cable is sliding notably on the news…
It’s not over…
- *U.K. SAID TO SEE BREXIT MOST LIKELY TRIGGERED BY APRIL 2017
- *MAY SAID TO WANT TO TRIGGER ART. 50 BEFORE FRENCH, GERMAN VOTES
And cable is fading…
As Bloomberg details, Prime Minister Theresa May’s team is still leaning toward the first part of 2017 as the best moment to trigger the start of formal talks over the U.K.’s withdrawal from the European Union, according to two British officials.
While reports in the U.K. media recently suggested May could wait until the end of 2017 before opening two years of negotiations, she 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, said the officials, who asked not to be named discussing private conversations.
A March summit of European leaders could provide the right setting for invoking Article 50 of the Lisbon Treaty, which lays out how a country quits the EU, one of the officials said.
May has held off starting the clock on Britain’s exit from the EU to allow her government time to form a team and to prepare positions for what are likely to be marathon negotiations. That’s led her to rule out any move before the end of this year.
The timing is ironic as USD Index has retraced nearly all its safe haven gains post-Brexit…
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