Brexit Process will begin by the end of March 2017 Mirrorspectrum Your daily source of news
Brexit vs EU

Britain will initiate the procedure “Brexit” by the end of March 2017, according to the Prime Minister, Theresa May. It is the first time that a specific timeframe is set for the initiation of the exit procedure, by British lips.

Speaking on the British network, Sunday morning, the British Prime Minister made it clear that will activate the Article 50 of the Treaty of Lisbon, "before the end of next March." Meanwhile, she gave the first indications of the changes that the Brexit will bring in the country and the EU, generally, stating that the UK government will decide who enters the country and who does not, which means that London does not intend to allow the free movement of EU citizens. Furthermore, she announced the restrictions that will be imposed for the non-British citizens, who want to work in the United Kingdom, with the introduction of a form of stakeholder evaluation.

As Theresa May emphasized, the process will be «mild» and the British Government will immediately start the preparatory work needed, in order to proceed smoothly the negotiations with Brussels. It is important for the United Kingdom and Europe, to follow a smooth transition of Britain’s exit of the EU.

Furthermore, in an interview in the Sunday Times newspaper, Theresa May had stated that she will present a new law that will abolish the Law of the European Communities of 1972, at the Queen's speech in Parliament, which will be held in April or May 2017. In this way, United Kingdom will become a sovereign and independent country, which means the “end of the EU’s power in the UK”. However, the law will come into effect, only when UK has left the EU in reality.

"Companies that invest in the UK, have assured stability "

British Trade Minister, Liam Fox, said that the approach of oversimplification for the Brexit, doesn’t help, while there are other options available. At the same time, he announced that the fact that the Government’s discussions are not public does not mean that they are not conducted.

Also, the companies that invest in Britain have by law been guaranteed stability, which means that the country remains a safe destination for the international chapters, worldwide. He also expressed the view that the existence of the EU in 20 years from now, depends on the behavior of the people who manage it and make decisions.

Liam Fox, also, noted that he observes many moves of protectionist trade around the world, while the pre-election debate on the US presidential election, includes significantly fewer free trade issues, compared with the past. However, he wants a more open international trade environment, with the effective participation of British companies in it. It will not be necessary for Britain to reapply for participation in the World Trade Organization.

By May 2018, the approval of the British Parliament

Britain's Transport Secretary, Chris Grayling, said that the legislative act for Britain’s withdrawal from the EU would come in Parliament between May 2017 and May 2018.

He hopes that a reasonable achievement will be achieved with the EU, something that is very important for the continuation of bilateral trade relations. Finally, he expressed the need to launch the process of Brexit, evaluating as correct the statements of Prime Minister, Theresa May.

France displaces Britain and becomes the fifth largest economy on the planet

The announcements of the British Prime Minister, Theresa May, have caused severe turbulence in the currency market, pushing the pound sterling to its lowest levels. The pressure on the British currency was enough to change, at once, the countries' positions on the podium of the biggest economic powers in the world. Now, France has surpassed the UK, in terms of economic power. In other words, France is now considered more economic power from Britain.

At the beginning of this week, many members of the British Government and the Prime Minister, expressed the optimism that during the procedure of Brexit, the UK will be able to ensure a good and advantageous for the country deal with the European Union. In reality, they based their optimism on the fact that the British economy is the fifth largest economy in the world.

However, the British government’s optimism could be justified when the pound sterling was trading at EUR 1.16 level, last week. But the announcements for a "hard" Brexit threw the British currency to the level of EUR 1.14, a level that does not justify the "prosperity" of the fifth largest economy in the world.

The International Monetary Fund estimates that the size of the French economy in the 2,228 billion Euros is greater than that of the British economy to 1,932 billion Pounds for 2016. It is no coincidence that a significant portion of economists and analysts evaluate the dynamics of an economy on the path of its currency in the foreign exchange market.

However, this measure of power of an economy is not beneficial for the British economy. According to the IMF’s data, in terms of purchasing power, the British economy is the ninth largest, behind China, USA, India, Japan, Germany, Russia, Brazil and Indonesia. Only in this sector, Britain surpasses France, which is in the 10th position of the relevant list. All these data were published in a very awkward moment for Britain. Just two days after the statements of Theresa May that "it is possible to aim for a truly globalized Britain, since we are the fifth largest economy in the world."

However, in terms of per capita income and according to IMF’s data, Britain is 27th richest economy in the world.