We will witness Brexit trigger today, as the UK PM Theresa May has inked the documents for the invocation of the Article 50. Who will be in charge of talks?
29 March, AtoZForex – The Brexit negotiations process is about to start today, as the UK MP Theresa May has signed the official documents. Reacting to the latest developments in the UK, Pound has slipped 0.3% against the EUR to 1.152. Moreover, it dropped 0.5% versus the US dollar, as we wait for Brexit trigger today.
Brexit trigger today
As the investors braced for Brexit divorce talks, the government has notified the EU about its intention to leave the union today. Following on this, AtoZForex market analysts believe that the GBP is at risk of slipping back in the near-to-medium term to reflect some of these risks to be unfolded. Moreover, one of our analysts has stated:
“Prime Minister Theresa May’s decision to pre-announce the date of the Brexit trigger today helped to reduce market volatility ahead of the event. Although GBPUSD has seen quite a lot of profit taking hours before the official announcement.
Some news agencies are reporting a specific time for the trigger which should take place between 11 GMT and 12:30 GMT. Trading the Brexit trigger won’t be easy and while it could be a non-event for GBPUSD we doubt it will be given the historical significance of the event.”
Who will be the key negotiators of Brexit?
1. No doubt, Theresa May, the Prime Minister of the UK. Ms. May is the key driver of Brexit currently, as she wants to “make a success out of Brexit.” She is keen on exiting the bloc so that the UK regulates the number of migrants across the region. However, some experts believe that she might not satisfy some Brexit backers in her cabinet.
2. David Davis, the UK Secretary of State to exit the EU will be one of the key negotiators as well. Specifically, Mr. Davis has a very important task – to negotiate with the EU on behalf of the Britain. He will need to listen to Scotland, Northern Ireland, and Wales. Also, Mr. Davis has stated that the UK has a Plan B in case something goes wrong with two-year divorce talks.
3. Philip Hammond, the UK Finance Minister, will not be at the negotiating table. However, he will be a key person to advise on the financial aspect of the UK exit from the EU.
4. Liam Fox, the UK Secretary for International Trade. Mr. Fox is responsible for preparing the fundamental of the trade deals with other countries. Moreover, he will be working on stabilizing the economic effect of the Brexit. Apparently, the UK does not want to keep the access to the single market. Instead, it seeks for a new trade deal with the bloc.
5. Boris Johnson, the UK Foreign Secretary. Mr. Johnson is a former mayor of London and one of the key supporters of Brexit. Additionally, Mr. Johnson has stated that it is “okay” if the UK will not reach any deal with the EU by the end of two-year talks.
6. Michael Barnier, the EU Chief Negotiator. French politician will need to take into consideration the interests of 27 countries while negotiating on behalf of the bloc.
7. Guy Verhofstadt, the Former Prime Minister of Belgium and presently the Brexit Chief for the EU Parliament. He will be responsible for representing the interests of the policymakers in the EU Parliament. In case the UK and the EU will reach a trade deal, the EU Parliament members will have to approve it.
8. Donald Tusk, the President of the European Council, represents all leaders of the states. Moreover, Mr. Tusk is the Chair of the EU Summits. He has stated that all members are ready to submit their guidelines for the talks in 48 hours after Brexit will be triggered.
9. Angela Merkel, the President of Germany, will not be at the negotiating table. Nevertheless, her voice will be definitely very important.
10. Whoever wins French Presidential elections. As France is one of the leading EU nations and the second biggest economy in the bloc, the voice of the new President will be certainly important.
Think we missed something? Let us know in the comments section below.