U.K. Prime Minister Theresa May pulled the Brexit trigger on Wednesday and kick-started a two-year countdown for Britain's departure from the European Union though Britain's former Deputy Prime Minister argued there was "absolutely no way" the U.K. could secure everything in such a narrow timeframe.
The two-year time limit can, in theory, be extended although the unanimous consent of Westminster as well as the European Council, which is made up of 27 member state leaders, would be required.
Given Europe's heavy political calendar, in which the key EU member states of both France and Germany have general elections scheduled, and European Parliament's demands for time to be allowed to vote upon a potential deal, it appears the timeframe for the U.K. government is closer to 18 months rather than two years.
EU diplomats contested the viewpoint Britain would be better off without a deal and pointed out the U.K. would then fall under World Trade Organization rules. In this event, U.K. firms would face tariffs on most goods and the economy as a whole would likely suffer significantly, EU leaders argued.
Source: CNBC
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