ARTICLE 50 - Timetable
1. The Prime Minister will write a letter on Wednesday to the President of the European Council, Donald Tusk, formally notifying him of the UK's intention to leave the EU.
2. Then President Tusk will issue draft guidelines outlining how the negotiations should be conducted. As indicated before he will reveal the draft within around 48 hours of receiving the letter. It is then expected that the proposed guidelines will be considered by EU leaders (excluding the UK) at a special EU Summit on 29 April.
3. This summit could be a potentially have more market impact. Clearly with elections in France and Germany-there could be a lot of negotiations from EU member states. Overall markets should get an indication of the Brexit terms and conditions.If the two sides reach a consensus at this Summit, the exit negotiations with the UK are likely to start in mid-May (depending on French elections?).
4. If EU leaders cannot reach agreement, discussions are likely to be carried forward to next summit scheduled for 22 June. However we do note that 2y time line starts as soon as EU receives the PM’s letter.