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Britain Could See Brexit Delayed Until Late 2019

Britain's exit from the European Union may not take place until late 2019, it has been reported.

Britain's exit from the European Union may not take place until late 2019, it has been reported.

Following the appointment of her new government, Theresa May and her colleagues affirmed that Article 50 would have been invoked by the end of 2016 to start Britain’s two-year departure journey from the European Union.

The decision to trigger Article 50 before the end of this year has reportedly changed. The Sunday Times reported over the weekend, based on sources in London, that the process of leaving the EU will now not commence until late 2017 – nearly a year after the original date.

As triggering Article 50 formally starts Britain's departure from the EU, with negotiations to be concluded within 2-year timeframe, this announcement could see Britain stay a member of the EU until late 2019.

The delays are said to be driven by elections happening across the European continent, including those in France and Germany, casting a shadow over the identities of the future European negotiators.

Furthermore, the unpreparedness of the Whitehall departments, which were set up to specifically tackle the Brexit negotiations, is also claimed to be a factor delaying the triggering of Article 50.

Ms May had previously warned of the possibility that Article 50 will not be invoked this year and said that she had no intention in starting the formal process of departure from the EU until there was a coherent “UK approach” to negotiations.

A delay in the decision to begin the negotiations is also likely to have ramifications for the UK property market.

International property investors have already been experiencing the benefit of weak Sterling, with a large number of institutional property investments, such as Singaporean-based Centurion Group’s latest student accommodation investment, being rushed through the purchasing process in order to benefit.

Domestic purchasers are also experiencing greater access to lower borrowing costs, following the Bank of England’s decision to lower the base interest rate earlier this month.

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