Britain agrees to set EU "Exit Day" in law - RTRS

Dhwani Mehta FXStreet

Brexit minister David Davis said in a statement late-Thursday, via Reuters, the UK government would use legislation to fix the time and date of the country’s exit from the EU’s membership, calming fears of Brexit delays, especially in the wake of the deadlock on the Brexit negotiations.

Davis noted: “We’ve listened to members of the public and Parliament and have made this change to remove any confusion or concern about what ‘exit day’ means.”

“This important step demonstrates our pragmatic approach to this vital piece of legislation. Where MPs (Members of Parliament) can improve the Bill, whatever their party, we will work with them,” Davis added.

Key Points:

The government said it was proposing a change to the EU (Withdrawal) Bill currently making its way through parliament to set the exit for 2300 GMT on March 29, 2019.

The date has previously been implied by a fixed two-year negotiating period triggered on March 29, 2017, but not explicitly stated in the law.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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