UK sets deadline to start EU exit process

The British Prime Minister said the country will begin the process of leaving the European Union at the end of March 2017.

British Prime Minister Theresa May. Photo: Reuters.

"I have said that I will not start the process of leaving the European Union (EU) before the end of the year to give us time to prepare," British Prime Minister Theresa May told the BBC today. "We will start before the end of March next year."

On June 23, the British people held a referendum on whether London should leave the EU. The results showed that the Leave side won with 51.9% of the votes. The British government will decide when to trigger Article 50 of the Lisbon Treaty, starting two years of negotiations on the terms of leaving the EU.

Prime Minister May previously announced a "Great Repeal Bill" to end the effect of EU law when Britain leaves the union. EU law will be transferred into domestic law and allow the British parliament to amend it if it wants.

"This marks the first stage of the process of returning the UK to its status as a sovereign, independent country," she said. "It will return power to elected institutions in the UK, meaning EU law will no longer apply."

According to VNE