We spoke with our Man in the UK, recently for an update on Brexit. That would be Edward “Ted” Hadingham, president of PSR’s European operations. A UK native, Ted has been running PSR operations in the European area since 1989.
Here’s what he had to say.
Trade negotiators in the UK better sharpen their pencils because it looks as though they’ll be taking notes and making offers for many years before any deals are completed.
Assuming that the UK pulls the trigger on Article 50 and officially tells the European Union that it wants to cut their relationship, the two parties have two years to complete the talks. That brings us to 2018.
(Britain’s new prime minister, Theresa May has been quoted as saying (July 20, 2016) the UK isn’t going to start negotiations with the EU until its objectives “are clear,” and that won’t be this year.
Negotiations aren’t likely to be completed quickly. Trade talks between the U.S. and the EU began in 2013, and there’s no end in sight.)
While there’s been talk that the EU can extend the two-year deadline, it’s a little known fact that all 27 members of the EU have to agree to this step. Taking any bets on this action, anyone?