UK set to kickstart Brexit with the EU on March 29 – CNBC

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The U.K. will formally kickstart its divorce proceedings with the European Union on March 29, representatives of the government led by Prime Minister Theresa May announced Monday.

In a statement issued by the government department for exiting the EU, minister David Davis said that the U.K. was “on the threshold of the most important negotiation for this country for a generation.”

In June last year, the U.K. voted to leave the EU, the first sovereign state to do so in the bloc’s 60-year history. To get negotiations going – a process that has a two-year time limit- the U.K. government has to trigger Article 50 of the Lisbon Treaty, which sets out the formal steps that have to be taken.

The U.K.’s representative in Brussels Monday informed the EU Council’s President, Donald Tusk, of next week’s move.

“The Government is clear in its aims: a deal that works for every nation and region of the UK and indeed for all of Europe – a new, positive partnership between the UK and our friends and allies in the European Union,” Davis added in his statement.

This story is developing. Please check back for further updates.

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UK set to kickstart Brexit with the EU on March 29 – CNBC