Industry & Business

UK to trigger article 50 on March 29th

UK to trigger article 50 on March 29th

UK to trigger article 50 on March 29th
March 21
09:00 2017

British Prime Minister Theresa May will trigger article 50 of the Lisbon Treaty, the formal notification of the United Kingdom’s intention to leave the European Union, on March 29th. The move will formally trigger Britain’s exit from the EU following a referendum in June last year.

Article 50 of the Lisbon Treaty sets out how an EU country might voluntarily leave the union and states: “Any member state may decide to withdraw from the union in accordance with its own constitutional requirements.” No country has ever invoked article 50 before.

The announcement means that Ms May will meet her self-imposed deadline of the end of March to get the withdrawal process under way. She was cleared to take the step when the European Union (Notification of Withdrawal) Act gained royal assent last week, after a Supreme Court ruling forced her to seek the approval of both Houses of Parliament.

Meanwhile, a new survey carried out by has found that Irish companies are not adequately prepared for the economic fallout the UK’s departure from the European Union may bring, with just one in 10 companies having a Brexit readiness team in place.

The report shows that 41% of businesses surveyed admitted they have not conducted a Brexit risk assessment at all, while 64% confessed they don’t have a Brexit-dedicated team.

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