A spokesman for British Prime Minister Theresa May confirmed on Monday that on March 29, the United Kingdom will officially notify the European Union of the UK's intention to leave. "Last June, the people of the UK made the historic decision to leave the E.U. Next Wednesday, the government will deliver on that decision and formally start the process by triggering Article 50," said David Davies, the UK Brexit Minister. Article 50 is part of the Lisbon Treaty and provides the EU with formal notification of their intention to depart the Union. The process will then enter a two-year negotiating period that will discuss the terms of the UK leaving, as well as structure the new relationship between the UK and the EU.
This article was written by a staff member of TheStreet.