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European Union leaders say they want Britain to leave immediately
Foreign ministers of Germany, France, Italy, Belgium, the Netherlands and Luxembourg will meet sooner this Saturday.
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“The shock of the vote is still sitting deep, but these are also days where not all the answers are ready”, German Foreign Minister Frank-Walter Steinmeier told reporters.
Mr Juncker held crisis talks with European Parliament President Martin Schulz, president of the European Council Donald Tusk and Dutch PM Mark Rutte on Friday morning.
Once Article 50 is triggered, there is no way back into the European Union unless all of the other European Union members agree.
The push comes as Britain attempts to navigate a number of hard issues in the Brexit fallout, including a severely wounded pound and the prospect of Scotland (who voted to remain in the EU) once again looking at an independence vote.
There was also much talk behind the scenes about how quickly the split could be achieved, with some member states reportedly wanting to remove Britain as soon as possible and before incumbent British Prime Minister David Cameron is replaced. He has vowed to stand down by October.
Great Britain may not be kicked out the door yet but they’re certainly being handed their hat.
Britain also had its credit rating outlook downgraded from stable to negative by ratings agency Moody’s after the Brexit vote.
Credit rating agency Moody’s downgraded the U.K.’s economic outlook from stable to negative, saying Britain faces “a prolonged period of uncertainty … with negative implications for the country’s medium-term growth outlook”.
The Government does not need to send a formal letter to European Union leaders in order to begin the UK’s withdrawal from the bloc, EU officials have said.
Some economists have already suggested that one of the options Britain could follow in the wake of a Brexit vote is the Norway model. This resulted in many companies’ European headquarters landing in Britain, where they can control their deals with the whole of Europe. The UK government has estimated that exit could cause the British economy to be between 3.8 and 7.5 percent smaller by 2030 – depending on how well negotiations go.
But European Commission president Jean-Claude Juncker said Saturday that the British had voted to leave, and “it doesn’t make any sense to wait until October to try and negotiate the terms of their departure”.
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Separately, German Chancellor Angela Merkel said the negotiations with Britain should not be conducted in such a way as to be seen as a deterrent to other countries, and that there was no hurry for London to trigger the process for leaving.