Pound Retreats As UK PM To Invoke Article 50 On Wednesday

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May hopes to negotiate terms that keep trade, financial and political relations with European Union member states as close as possible after Brexit, but also satisfy eurosceptics in her Conservative Party who demand a complete break.

A Downing Street spokesman said UK Ambassador to the EU Sir Tim Barrow had informed the President's office of May's intention verbally.

The Prime Minister will give a statement to MPs in the House of Commons next week, after formally pulling the Brexit trigger.

It is expected that the 27 other European Union member nations will agree to the start date, with an initial response from them with 48 hours, the BBC reported.

The notification will take the form of a letter addressed to Donald Tusk, President of the European Council.

Last year's referendum result, she added, "was not just about leaving the EU" but was a vote for a "change in the way the country works".

In a statement, Brexit minister David Davis said: "We are on the threshold of the most important negotiation for this country for a generation".

A UK Government spokesperson said: "The UK has not yet invoked Article 50".

The notification of triggering Article 50 of a key European Union treaty will come in the form of a letter delivered to Tusk - though it was unclear whether it would come through an actual letter or an electronic missive.

The European Commission says it's ready to begin Brexit negotiations.

The PM promised to work on a deal "that works for everyone across the United Kingdom and all parts of the UK". "There's a timetable that everybody has bought into included in the treaty and that's what we are going to do". We expect it will be a two-year process and we are confident that is what we will achieve.

EU leaders have said they want to conclude the talks within 18 months to allow the terms of the UK's exit to be ratified by the UK Parliament and the European Parliament, as well as approved by the necessary majority of EU states. Even if that overstates what is involved, there is a significant possibility (close to a certainty, really) that there may have to be transitional arrangements after the formal Brexit date (there have been suggestions that these might have to last for as long as ten years) as everything falls or is shoved into place. "And it is good to know that Prime Minister Theresa May shares this view". May and her government ministers continue to insist that the United Kingdom will make a success of Brexit, emerging with favorable terms from the negotiations and ensuring continued access to the single market.

She acknowledges this will mean leaving Europe's single market, of which freedom of movement is a key principle, and likely also the customs union.

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