The UK’s day of invoking of Article 50 came and past - UOB

Analysts at UOB noted that the UK’s day of invoking of Article 50 – the formal notification of Britain’s intention to leave the EU – by UK Prime Minister Theresa May on 29 March (Wed) came and past. 

Key Quotes:

"In a sign that the two years of negotiations to withdraw from the European Union could as difficult and complex as initially imagined, as the UK is bidding for a “bold and ambitious” duty-free trade pact, which for the first time May suggested should encompass finance, a key plank of the UK economy and which May argued is critical for the EU too, and “In security terms a failure to reach agreement would mean our cooperation in the fight against crime and terrorism would be weakened.”

In fact, May cited the word “security” 11 times in her letter to trigger Article 50. That drew an immediate rebuke from Guy Verhofstadt (the European Parliament’s point person on Brexit matters) who criticized that “security is far too important to start to bargain it against an economic agreement.” EU President Donald Tusk insisted the first phase must focus on “key arrangements for an orderly withdrawal” adding that conversations over commerce would have to wait until the breakup is resolved, a position that was firmly supported by German Chancellor Angela Merkel. Others demanded the UK cover its financial obligations to EU while UK is dismissive of the suggestion that it must pay a bill of around EUR60 bn. As EU negotiator Michel Barnier rightly tweeted “This is Day1 of a very long and difficult road.”"